I got stopped out of my 2x position of JNUG this AM but am back in 5x @$21.02 for the overnight hold. The reason is that I count a 4th wave HT and then a 5th wave down. Even if a new big rally doesn't begin tomorrow, it should tick up a-b-c to the level of the prior 4th (~$21.30) before heading down to a lower low. I just don't see it selling off like it did today and then gapping down tomorrow AM. I still model this chart as most likely being a deep vee 2nd wave but I will bail out quickly tomorrow if we do not catch a bid pretty much from the opening bell.
Monday, June 22, 2015
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