Instead, today gapped up. But so far at least, I can count this as an a-b-c move which fills the gap. So this could either be 3 of 1 of 3 OR it could be B of 2. It's not that one is right and the other is wrong, it's that they are both valid at this point. It's a probability thing not a certainty thing. So I could still believe a move down to the $104 range is possible.
Thus, when someone in the comments of the backlink wanted to know if I was in on margin yet, I pulled back like it was an electric wire. NO WAY is anything yet certain enough for the killer of trading account which goes by the name of "Margin". Margin is only for use when the odds are overwhelmingly in your favor and even then think 5 times about it. Occasional use of margin by an experienced trader who uses stops is OK but it should be used like nitrous oxide in a gas engine. Do it too much and your engine is going to blow.
The odds that red is playing out fall off dramatically if we get a higher high in GLD tomorrow. I'd like to see something in the range of 108.50 or higher to fill the gap there. Below 106.40 and you damned sure want to exit your JNUG until we can reevaluate what is going on.
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