Loading ...NUGT 60 Update…
HUI has reached the strong support zone of 255…
If this wedge turns out to be bullish, need to watch the potential right shoulder reaction…
#1-will either be invalidated by a price action breach
OR
#2 will transpire and price action will head back down…
STRONG confirmation is the 13/34 EMA BULL cross…
DUST 60…
Filled the gap; back tested the neckline and up she goes…
ES…damn good call on this NUGT weakness.
The 13-34 should be the key, but I can’t tell their position in your chart so I will rely on you to announce the event (sorry to make work for you :)”
if NUGT has put in a double top and is not forming a two heads and shoulder’s formation–I guess it would be bearish for NUGT either way
Carolynsue, you follow MA so I just noticed that dollar has a monthly panic cycle in september…may be that lines up with Gold panic cycle…
I am still guessing which way…the nugt chart suggests that we could get the second shoulder then dollar may do a crash then rally…
I signed up for the “ask-socrates” MA offer —and I don’t have enough experience to have any certainty at all what is going to happen next week 8/29 which is the panic cycle for gold week….gold is lagging a bunch of bullish reversal figures and MA does say there is a choppy overall trend that should prevail into Sept….and he goes on to say that “there is little doubt that January remains the major upcoming target….Sept and November are staging platforms…..and the breakout in gold will unfold only getting through the 1400-1500 zone”.
We NEVER reached the “thin zone” being above NUGT $179…I am not feeling the bull at the moment; thus, would be very careful with any long positions. DUST made a nice IHS reversal pattern…
DUST is having a 1 for 4 reverse split Aug 25 tomorrow and NUGT is also having a 5 for 1 split TOMORROW Aug 25 so buyers beware of that but DYODD and refer to the Direxion info on the web