I finally did one thing right for the last two months. I was in NUGT for the first big gap up. Then I switched back to dust WAY too early when gold was Backtesting the pattern breakdown. Ugh. Back to losses.

I really just do NOT believe this. I personally believe my long term chartology will prove correct.

BUT, I’ll need to see pullbacks TODAY or I’ll have to throw in the white towel.

I knew all along this could happen below when the first downtrend channel for gold broke. I knew we could spike up to form a right shoulder.

The left shoulder peaked at 1263.36.
The right shoulder so far has gone up to: $1263.04.
The 61.8% fib retracement is at 1263.90.
The white BULL FLAG top rail for gold is at: $1263.19.

image

I need to see a pullback hard today or I have to quit. If it happens the miners would make a double top. When they’re Backtesting their bull flag breakouts which just happened: the backtests will have to fail.

You bulls are sitting really pretty. Congrats. You won this round. If we break back in to the miner bull flags, I would go short though. False breakouts lead to…. Ugh. Experienced that! Major moves in the other direction…

Good luck all.