Still, I stayed out of JNUG waiting for the first big pullback which I could count as 2. Now we have a pretty good looking A-B-C to the 38.2 and which mainly fills a gap. Oftentimes the 1st wave up pierces the resistance but cannot hold it and turn it into support. Then wave 2 happens to pull back and then wave 3 moves up strongly and often times gaps up above resistance.
This better catch a bid tomorrow or the bearish case has to be looked at more carefully. Why? Because this should be the start of at 3rd wave and 3rds don't dick around.
A move above $51 would be the first strong technical milestone for seeing higher prices since at that level the chart would have moved back into the range of 1 and thus could not be 4.
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