Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

Momentum is definitely 'starting' to turn. Will it remain is the question. ATM, HOD is exactly at the middle bolly of hourly (currently $18.80 as of this post).

I know this sounds crazy, but if Gold can catch ANY type of decent bid right here with momentum turning...it is very feasible (and there's room in the chart) for GDX to soar back up to around $19.59 fib level for a closing (which also would coincide to approx EMA 8 on daily). Volume is also there...as GDX currently on track for 90-100 mil shares before even the EOD large print.

Yes, pipe dream ATM...but all pieces are in place for that type of snap-back move. Can/will it happen? Doubtful. But I'm pointing it out none-the-less.



The significance of this type of move is it would create a massive hammer on the weekly with a close at/on major support. Again, currently a pipe dream.