[JNUG] update

Recent action suggests that I might have been off by one wave in the backlink model.  Current snapshot and the three leading models are below.  I think that M+M are very oversold and are absolutely due for a big bounce, probably beginning next week.  In the red case, we run up to resistance as shown and then move down into 3 of 5.  In the blue case, wave 2 of 5 is a deep vee and thus stops the eventual 5th wave from being as low as it otherwise would have.  In the green case, the bear market is already over.  Note how the action as shown in that case would be an inverted H+S breakout.  All the momo boys would come running if they see that.   Nobody really believes gold is a pet rock, it was just a trendy thing to say by a fool who will one day soon wish he had kept his liberal trap shut.

There should be no need to indicate that if we get a lower low then this model is bust, position should be stopped out and eyes refocused to the next likely EW defined entry point.