Current snapshot with EWI count is below. IF this is correct, then we are in a deep vee 2nd wave of GLD which should reverse upwards starting this week. It is still possible that today's low was only 3 of C so we might still have a bit more downside here before a hard bottom is put in. That bottom could be $105-$105.50 according to the most bearish near term view of this model. I'm back into JNUG at the close with tight stops of $6.96. If I do get stopped out I will likely be back in very shortly afterward, especially if GLD gaps down to the bottoming price range tomorrow at the open. Anything it will do to shake off the timid/paranoid/careful traders before reversing upward is what it will do.
The odds will increase dramatically that wave 3 up is in progress if we break out the top rail within the red circle. We should expect it will take a 3rd wave to be able to do this. If this occurs per this model, the effects on JNUG will be dramatic to the upside to say the very least.
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