I mentioned NUGT / GDX a few times today, I believe the earliest was in
this market update at 11:23 a.m.
" the possible Friday pin is a consideration so keeping an eye on the market in this area may yield some trades that may be worthy of consideration, I mentioned VXX /UXVY and the market averages, GDX and NUGT would be another 2, actually there are quite a few, but let me show you what I expected just as a part of a reversal process (so this is more of a broad market concept) and what we specifically want to see as an edge for a trade (and that may not really emerge until the 2:30-3 p.m. hour as is often seen on Friday's."
NUGT ran +7.6% off today's lows, but still closed down -10.09% which would have been worse if not for the EOD run, probably around -19%.
NUGT's Intraday move.
The typical tight/flat range we often see during accumulation or distribution was clear, usually I'd watch for a shakeout move below such a well-defined area of support.
This 60 min chart should give you some perspective on the probability/possibility of the overall move as this is a large leading positive divergence / base. I'd say the gap around $8.00 would be a reasonable target, however the market is usually not reasonable and often overshoots these price-pattern implied targets.
This is a more detailed view of the same area with a 10-min chart.
Intraday, the 1 min
2 min and because this is such a beautiful chart, I thought I'd show it with no drawings on it.
NUGT 2 min
The 3 min hit a new leading positive high today, there was good overall migration through many timeframes so it looks like a very strong divergence and thus my willingness to take the position even after it had started an end of day run.
The migration to the 10 min chart.
It's hard to believe, but migration occurred on the 15 min chart as well as the 60 min chart today alone, something bullish is going on in NUGT.
It looks like GLD and SLV are going to be seeing upside as well shortly.
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