Direxion Daily Gold Miners Bull 2X (NUGT)

[mannken]

Charting the Next Dust Wave

First let me opine my thoughts, I think we're 2-3 weeks out from another wave.

In this chart you can see:
The cup and handle breakout broke to the downside in 2014, unlike 2013 where it did not. This leads me to believe the last 2 waves will be in recession due to ETF decay (2% annual mean, 3x etf (2/3rd power) 8% annual mean)

I'm targeting the 2nd wave between 40-45 and the 3rd wave between 35-40




In this chart:

We can see that 200 MA and ascending wedge need to hold for several weeks until it narrows and breaks above the cup and handle line and previous triangle support lines, before breaking out into another wave.

You can decide for yourself about the other indicators, the ones I listed suggest to me that no big wave moves are near but rather a crawl up the wedge line until it reaches threshold for breakout. For example, macd 12ma has not even started to curl back while macd 26ma is playing catch up.




Just my humbly opine! lol