Direxion Daily Gold Miners Bull 2X (NUGT)

[weazelboy]

GDX/NUGT is due for a minor PB though, so it's not really unexpected IMO. Now, the PB shouldn't be very intense (middle bolly is my target on hourly). Anything more than that is cause for alarm (EDIT: actually, it could even PB to fill that gap created yday at 18.46 as long as it fills-n-pops back up). I still suspect this wave up to take us to around GDX 19.49-19.75 to fill gap. From there, I'll have to re-evaluate.

Not sure I can reiterate this enough either...the 50 MA on gold daily chart is extreme resistance. It hasn't traded near/above this since falling below on 4/24/18. We're talking a 5 month trend it's trying to break. Hopefully, it finds a way to bust through soon though. Bolly's are pinching which means a big move is coming...and unless that breaks, move will be down. All JMO.