Backlink. Nobody knows the future with certainty but some things do help your odds and I think people should be looking very carefully at the chart I'm presenting below because it is a high odds setup indicating that the bottom could be in for JNUG. If not the bottom then it should be a big bounce, not just a few percent. The chart below is obviously log scale and it obviously forms a falling wedge where 1,3 and 5 are aligned. The exact support line was kissed and then the chart moved off it quickly. We'll talk about the potential for a throw under in the zoom in section below but at the top level here the important thing to know is that each internal wave of the wedge is a 3 wave movement, a-b-c. To the right of wave 5 I have exaggerated the wave in the time axis in order to pull out the important detail: this is a clear a-b-c move right now. Everyone is looking for lower levels in the miners. When everyone is looking for something it is bound to not happen.
Below is a zoom in showing the potential for a throw under. It basically says that the recent dip was W3 and that we are at or near wave 4 with one more dip down to $25 before a big, big rally arrives, perhaps the new bull market. By the way, if you are wondering why I have been spending so much time and effort on JNUG over the years the answer is staring you in the face. Look at the rally from mid dec 2015 to Jan1 2015. This thing ran from something less than $60 up to something above $240 in a month. And that was a bear market rally. Metals and miners are so badly depressed right now that anyone who has cash to invest putting it in now is going to make 10x very quickly.
Note: $24 was my target
in this post when the HT model broke down.
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