Loading ...XAU/NUGT Update…
NUGT is ready to pop with the weekly XAU bouncing off the 85 EMA…
Remain neutral…However, NUGT should get a bounce; question is how much?
NOTE THE GAP FILL…
GTX…
QQQ bouncing off trend line and 50 SMA…
Another reason I closed by shorts this am…
Some EW guys are projecting a final wave 5 up?
If this is THE TOP; ideally want to see a “double top” along with a negative divergence…Watching…
The $XAU indicators all looked “good” and “primed” before the FED Day shellacking – now not so much! A move here below 79 take us out of the triangle: http://stockcharts.com/h-sc/ui?s=%24XAU&p=W&yr=4&mn=0&dy=0&id=p04556165740&a=468058834 and to say 77 out of the smaller “flat-bottom” triangle: http://stockcharts.com/h-sc/ui?s=%24XAU&p=W&yr=1&mn=11&dy=0&id=p90660932198&a=456821022
Take both those price ranges out and a 40-50% drop could follow.
http://stockcharts.com/h-sc/ui?s=%24XAU&p=W&yr=1&mn=0&dy=0&id=p88174403242&a=524402864
Thanks Patty…sums it up perfectly…
I’ve also been focused on the “flat bottom” triangle on $XAU. One other possibility is price reverses at the bottom channel, rises back up and then falls again before possibly breaching the bottom channel.