Current snapshot shows that wave 4 morphed into a HT, a very common 4th wave expression. By all rights this 5th wave should go lower than blue 3, maybe as low as $7 before reversing upward. It would be a sign of weakness of trend if this were to turn into an inclining double bottom but I would not anticipate that.
After this 5th wave plays out, some kind of reversal is expected. The only issue is that I don't know for sure if this will be 3 of 5 or 5 of 5. Avi thinks it is only the bottom of 3 of 3 of 5 and that there is more pain coming into Aug as 4 of 3 of 5 (rally), 5 of 3 of 5, AKA 3 of 5 (selloff) then 4 of 5 (rally) and finally 5 of 5 (selloff) all play out. If he is right, JNUG could find itself at $2 by the end of this. But there are other counts that could work as well such as the one below so you really just have to play it wave by wave until the metals washout is done. Again, these long term views of things are all good and fine but nothing beats staying on top of the short game and bailing out quickly if the count goes against you. If you cannot or will not do that then stay the Hell out of JNUG and cost average instead into GDXJ and just ride out the last bit of bottoming volatility. GDXJ has already lost 90% of its peak, you are buying the monster dip there with no time value to kill you off should things go sideways for awhile.
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