[ABX] update

In this post I advised about the break out of ABX and in this post I cautioned to look for resistance in the area of red 1.  Fortunately the chart broke back into the range of red 1 thus negating the possibility that this move up was just red 4.

So the break out is the real deal but I think we are now at some resistance.  I sold out of NUGT on Friday as mentioned in these pages earlier but now I see that the ABX chart supports that move.  We are now kissing the 38.2 fib from below and doing it in 3 waves.  The shorts will be tempted to jump on this but all it will do IMO is push the chart down and give it a running start at the 38.2 fib so that it doesn't have to break out using a one inch punch.  Once this pulls back and goes to a higher high then we have our first real confirmation that the reversal is something more than a 3 wave sucker's bounce.