Direxion Daily Junior Gold Miners Index Bull 2X Shares (JNUG)

[Quantum X]

I can see where he is coming from ....

Even if this is a trend reversal gold will most likely still trade within the current channel on the daily chart ...

The bottom of the trading channel on the daily chart is between 1200 and 1180 ...

At the rate JNUG is dropping It very well could go that low by the time we get to the bottom of the trading channel ....

This is a nice bull rally but we still have another Most likely higher candlestick wick on the monthly dollar chart in January before the big move begins .....

http://www.investing.com/quotes/us-dollar-index-advanced-chart

Yes the dollar is overvalued but that does not mean it is done just yet. Most of these kinds of spikes on the monthly dollar chart have a double spike top and this is only the first one .....

Now, if you go to the weekly gold chart chart and you are familiar with breakout patterns you will see that the chart backs up what I am saying as well ....

The daily chart strongly reflects that we are about mid channel ....

http://www.investing.com/commodities/gold-advanced-chart

I smell a bear trap ....

11:11