Here is end of day JNUG and it almost looks like a downward pointing flag. I might be convinced that this is what it was if I counted mainly on legacy TA instead of EW. EW tells me that the move into the peak of the 27th was motive and thus the low of the 28th was corrective which means today was more of the correction whose larger pattern I don't yet see OR this was some kind of stunted early waves of 3/C up. It's like someone tried to put a cap on the herd movement all day long, hoping that the herd would tire. Sometimes, when the herd doesn't have real directional conviction, a cowboy can stand in position himself in front of it on his horse waving a red bandana and shooting his 6-shooter and it will cause the herd to deviate in the intended direction. But if you try this when the herd has conviction about its direction then it will just stomp anyone who stands in front of it into dust. A gap up tomorrow AM would tell me that someone tried for a day to hold back the herd and then decided it wasn't going to work and so they stood aside and will look for another location later to calm the herd down after it has run some.
The JDST chartis interesting One might think that pennant is a HT but it dipped into the region of what would have been wave 1. So the odds are that its not 4 up but rather 2 down. If it were to break down suddenly over the next day or two then it could break the neckline of what would then be viewed as a H+S. I've got my stops in JNUG but holding a 2x position over night.
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