DUST looks to be in trend mode with a near term target 22 with outside chance of 28. The gold price is about to fall down the rabbit hole and likely take the miners with it. Is gold oversold? yes, but bearish long term trend remains. This could be the finale that leads to the final washout low in gold. So in the meantime scalp opportunities in DUST seem wise.
The average time between DUST/NUGT crosses the last 2 times is 82 bars. If that happens near the average were looking at the end of January. I think NUGT has more downside first but I would like to see 1125-1150 hold for gold and 8-8.50 hold for NUGT before getting too excited.
Friends, Last September 12th, a series of bullish targets were defined as follows: 1 - TG-1 = 32.97 - 12 SEP 2014 2 - TG-2 = 37.76 - 12 SEP 2014 3 - TG-Hi = 41.23 - 12 SEP 2014 and 4 - TG-x = 52.76 - 12 SEP 2014. (Source: See "$Gold Could Still Brush $Dust Off Bulls, Flat Out | #elliottwave - Link: ). At the time, the market was heavily favoring bears,...
Friends, Following is a brief technical synopsis of the interpretation I would make, given an asset giving off signs of reversibility from my predictive/forecasting model, as well as from a "Game Theory" approach by way of reverse engineering a high-probability set-up given the current set of conditions, in a "forward retrospective" fashion. PREDICTIVE...
If FED will announce cut its monthly bond-buying program by another $10 billion today as expected, it should go up.
example of RENKO blocks, Ichimoku, Elliott wave and regression channel, working well together
Daily Chart Fibonacci Channel Support & Resistance Bounce Zones
It is close to another sell off. $NUGT Bullish
Expect to consolidate for a few days. Same for $NUGT & $GDX