Current snapshot is below. While the price target of $31 has been significantly exceeded, my model says that we are just now finishing the 5th wave up and it is wave count, not price target, which is the basis of Elliott waves. It could have another buck left in it per the red target circle below but it could already be done. I have installed 2% trailing stops at this point so I don't have to baby sit this. But the setup is right here before us: a close approach to significant resistance and then a pullback and then a likely rapid breakout through that resistance as wave 3 expresses itself.
The EW trading system demands that you do not chase strength only to get frightened out by the significant expected percentage loss associated with the wave 2 dip. We must be especially vigilant about the dip during wave 2 which follows the reversal of a long trend as they can in fact be deep vee in nature. But when we see 5-3-5 or one of the other 12 variants of a corrective wave, jump on this hard because a 3rd or C will likely be the next move. In that event I would put a $50 price target on JNUG for wave 3 or C.
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