123Tom's TA study group

[123tom]

Sometimes I look at DUST and NUGT

but these kind of 3x charts,I just don't know if they present the right optics in the type of Fibonacci chart I draw. being 3x and all. so I don't know if this picture has any value. but in case it works as a road map. heres NUGT

Fibonacci geometric and Elliott wave picture
What I like is that the math has been very sharp from the First bounce 1056 to 1279,which then bounced to the 1415/1440 target and then peaked at 1690 area, that was almost perfect Fibonacci pattern price action. It suggests this recent peak at 16.90 was a Finished First wave, and NUGT ought to retrace next to retest 1350/1300 area,as Wave 2/Wave B. and from there the next rally has target zone 1875 to 23,especially 21-23 area.
as Wave C/Wave 3. The Finish wave 5 target zone is 27 area. That would be a bullish rally. The bearish resistance is where the Wave C might falter and fail around 19/20/21 area.
But,like I said, this Fibonacci chart tool formula I use works well in normal charts, but I'm not sure about the 3x charts.