Direxion Daily Gold Miners Bull 2X (NUGT): Most were looking for a corrective short...

Direxion Daily Gold Miners Bull 2X (NUGT)

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mannken

Re: rawiron1 post# 11239

Friday, 10/31/2014 8:10:33 AM

Friday, October 31, 2014 8:10:33 AM

Most were looking for a corrective short term rally

My last bounce reach was for a combination of earnings and DOW Fib retrace reversal, strike out after QE end!

In retrospect, the chart was painting a breakout picture for Dust.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=107537835

Now that Dust has broken out of its descending channel on the weekly, likely it's going to retest multi year highs in due time, 60+ IMO.

On the flip, the current Nugt chart setup is a classic bottom bounce play IMO, albeit a short lived one.

I'm scaling in Dust for the longer haul once Nugt corrects back inline with its descending slope, somewhere around 19's as the daily chart suggests yesterday. I don't chase, so will wait for normalization of the mini parabolic Dust bubble to equalize, deflate a little.