I've been playing the small GLD moves via JNUG and I took profits on today's rally here at $8.87. JNUG may finish higher today but work pressures will not allow me to track it closely so I took my 12%. The main reason for going this way today is that GLD appears to be finding resistance at the top rail of the falling EW channel. Last I checked, Avi thought the recently low was 3 of 3. If he is right, and I don't feel compelled to argue with him at this point, GLD should peak soon and then head down toward about $100. I will certainly be into JNUG again if that occurs in order to catch blue 4 to the long side but then will expect one final move down into blue 5 as shown.
Conversely, if GLD begins to break out of the parallel channel then I will change my tune (as I know Avi would do as well). A move higher than the gap fill at 108 and change will have me buying JUG on the next dip.
Again, never chase, always buy the dip.
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