GDX / NUGT Update

Yesterday afternoon there were good signals causing me to post Looking for a GDX/NUGT Pullback , (GDX--1.83% and NUGT -5.94%) while a quick trade could have been made, I prefer not to trade against probabilities which remain firmly to the upside even though we are still waiting for the 10 min chart to be repaired in NUGT.

GDX Inverse H&S and leading positive daily chart.

In addition to noting in yesterday's warning of a pullback that it would likely help repair the 10 min chart I also noted,

"it looks like it will be helpful in repairing the 10 min chart and allow us to enter or fill out the NUGT long to full size at slightly better prices."

It's a bit too early to see the positive action or repair of the 10 min chart as we need to go through the timeframes starting at 1 min and migrating out to the longer timeframes as this is a new move, but with the probabilities stacked as they are, I have little doubt this will end up being a gift for anyone interested in NUGT/GDX long as a new position or to fill-out a partial position.

I did however find this interesting...

 It's not so much that the 1 min chart is starting to go positive, as accumulation will almost always wait until prices have hit the lows where they will be accumulated rather than at higher "lows" like earlier this morning.

What is interesting are the following 2 charts...

 GDX 1 min didn't move down to confirm the pullback, it remains in leading positive position.

This is not an anomaly either...

NUGT's 1 min chart remains in leading positive position as well.

I wouldn't start adding NUGT just yet, there's a reversal process to undergo and the migration of the divegrence and hopefully the 10 min chart will look as good as the rest by the time the reversal process is near completion, I suspect it won't be long considering the fast nature of the drop.