Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

A 'w' is a bottoming pattern...and DUST isn't at a bottom. Again, using DUST and NUGT charts makes things more difficult to extrapolate because they are skewed due to being 3x leveraged ETFs. Just use the base GDX and you'll get a much clearer picture of both (obviously, just using the opposite of GDX techs for DUST).

Frankly, I see GDX forming a bull flag on the daily (which corresponds to a bull flag on NUGT and a bear flag on DUST). Middle bolly is just starting to curl upwards which is good support. Techs "look" like they're rolling over, but until they actually do...you must be cognizant of a head-fake.

I'm not saying GDX/NUGT are taking off right here, right now. It's highly possible they meander for another week or so within this annoying range (great for daytraders, sucks for swing traders such as myself). However, I still think the lean is higher in the coming days/weeks IMO.

Gold chart is still looking phenomenal. The one caveat to this is that both Gold and GDX are trading right around long-term descending resistance. It's going to be tough to break through, but "if" they do...watch out! All JMO. GL!