Clear breakdown of the [JNUG] model today [GDXJ]

Backlink model of HT which was ready to bounce to $60 is clearly busted by today's action.  All that likely means is that the 4th wave HT is busted and that wave blue 4 is thus in the books as shown below.  We should see support at that lower rail very early next week but this is not a break out until it goes back up above $36. 

Note that blue 5 as defined by this model is the same length as blue 1 when JNUG falls to $24.  Gold is in the late stages of wave 2 bottoming IMO.  If you see ABX at $5 and JDST at $15 you will know it is for sure time to buy.  In fact, ABX has been a very good indicator for me and so I should be using it more often to gauge direction of JNUG.





At the same time, GDXJ is now at support and so a bounce could begin from here.  If the lower and upper rails of the falling wedge are breached to the upside, then near term trend is up.