Direxion Daily Gold Miners Be (DUST)

[mannken]

The dark side flip or flop

I think you'll get that wave in today's action or Monday the latest.

The Dust daily 200SMA is sitting @ 24.96 right now, it bounced off it last May and couldn't push higher.

Only this time in macro views, I think we get the Nugt snap back rally while Dust pushes back off the 200MA to start a longer setup for a push above the 200MA, that's if gold eventually succumbs below the 1200 mark, which I think is in the cards for October.

A Dust push to 25 is just shy of 11% upside move
11% off Nugt is 26.60
The low of the rounded top on Nugt is 27.25

So I'm looking to target 27 long for a Nugt retrace bounce, and breaking up scale in entries while searching for the short term bottom, seems to be a favorable r/r balance. I may adjust scale-in to a smaller 10 or 20% increment as bottom finding can be... well not for the faint of heart. lol

This has been Nightridertwou's target going back a few weeks, so I think we're all speaking the same language here now, including others on the board.