[JNUG] update

I've done several posts on JNUG of late given the fact that my models believed that it was at or near a major turn.  Here is the link with the most recent wave 5 model chart.



Here is the current snapshot of the same chart, just stretched in time scale a bit.  What it basically says is that blue morphed into an expanded flat correction as shown.  It has now reached the level of the prior 4th in an a-b-c move.  The move up from today's open has been 5 waves.  That means that either the chart will move 3 waves back down and then explode upward per the red path or it will put in 5 more waves down per blue 5. 

I don't know which it will be but if it is the red path then the bull has begun.  In that case it would mean that what I have labeled as blue 4 is actually wave 1 up.  There are other options but traders will be watching that falling blue top rail.  If that gets broken out of right now then the market is going to treat it as bullish.