Direxion Daily Gold Miners Be (DUST)

[mannken]

Nugt bounce/chart setup

Here is what I'm expecting

We see consolidation most of this week of the round top pattern, between the low's and high's that I've added on the chart image. Technically speaking, the RT formation start low was 27.25, the consolidation period low was 27.02

Scalping between lows and highs of the RT channel could be a profitable trade in the next few days. After my proposed 'short term' consolidation call, it's anyone's call if there is a retrace/bounce or another leg down.

On a retrace, if occurs, we should be looking for 20% bounce, about 32.50 area on Nugt. Anything above 30% (35.00+), stay/go long Nugt..