Loading ...NUGT Near Term Target
I’m looking at about $41.20. From there I think we have a chance to reload on a pullback but the structure that forms afterwards will be important to watch to see if we are going to make a run at the 200ema on the daily GDX, XAU, and HUI charts.
Mark, great charts. I had mentioned this before and like to run this by you… it seems that the miners on the shorter term level are following the stock market more so than gold at times… granted they do and will follow gold at times… but i have notice some correlations that seem to breaking down at recently.. and there subtle devergences.. for instance, the “recent” decline in the miners correlated more with the stock market than with the gold decline….. your wolf wave for the stock market might tie into when the miners might decline; something to take a look at.. ill try and post something in a bit on this chart wise.. i know it seems to most that the miners declined with gold… but that is not what i saw happening with the short term charts.. though gold did finally catch up…. there are some similarities in the patterns to the present bottom in the stock market… and the miners. it almost seems there is some transition taking place where the miners have changed from being inversely correleated to the stock market.. to now being directly correlated..
I don’t think you will ever find a clean correlation between the miners and the S&P or the miners and gold. I think they (miners) are influenced by both, more so on some days than others. I try to look at the action independently with the miners to build my positions. With this said, if the S&P keeps rising from here as I suspect, that will certainly provide some tailwind for the miners. It seems that everything may be aligning well for at least a nice swing trade with gold moving up impulsively along with the miners and the USD looking a bit weak in the near term. Also don’t forget that commodities in general are taking on a bounce structure which will give us a bump in the up direction too I suspect.