like the miners charts,the set up looks ok for this pullback to buy,but this 3X runner, could stretch to the target zone around 15-17-21
the pullback zone I like to be safe around 8 dollars. could it fall that low in this picture? The Elliott wave pattern,chuck, looks like a "wave4" topping zone here at the 11.50 area, see it sliding sideways the last several days, is what a wave 4 looks like ,so the next rally pop could become wave 5 to the next resistance targets. and Then the major pullback could happen, to retest the 9-10 area I don't know what NUGT movement looks like from watching it daily, I don't follow it like that. but the chart looks like the miners charts. and the Elliott wave pattern in the most basic way,would be showing this rally as the First wave,either as wave 1 or as wave A, that might be finished now at the 11.64 peak or it might still have some room to run the subwave 5 a bit higher. the finished rally in Fibonacci target terms is the 21 area. somewhere between 14 and 21 is the target zone. and all the resistance shoulder zone you see on the chart could be where the Cartel stops the finished rally. This 11.60 area as a peak, the 11 area, is one of those in-between zones, like the wave 4 area, the top of a wave 3 area,around 11, its tricky to know whether its a finished first wave rally or whether it has more to climb as a wave 5, this is where you also see the uncertainty of this topping zone....as it slides sideways, would it break down and come back to test 8 and 9, or would it hold this shallow slide as a wave 4, and begin the next rally to the higher resistance targets. Its a toss up here. But having said that, I also feel that if it does fall down from here, as low as 8.00-9.00 area, might be the pullback to buy, as a Wave B pullback, and at least the wave C to come, would retest the 11.60 topping zone but should target that higher shoulder area 14-21, A bearish wave C might not hit the 21 target zone, it might Fail at 17 or 15....but to buy at 8 would give it a chance to make a double as a trade. I think DUST and NUGT are really gambling trades, they can whipsaw hard in either direction after 3 days,they are trickier to play in that way, hard to hold a position for 3 weeks,even though you see these wave patterns. it was a nice trade so far from 5.50 to 11.50 area...it could do the same thing again from 8.50 to 17 areaas the next trade set up. I might play it like that myself if it gives me that kind of pullback to the 8's.
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