GDX/NUGT Update

Here's a look at NUGT/GDX. As I said Friday, "I'm leaving room in case there's some more downside, but the signals continue to improve here and I think whether it's a day or a week, NUGT and GDX are going to fire and on primary trends, not swing so I'm going to go ahead with some exposure to the asset."

Here are the charts which are not inconsistent with the above, but there's definitive improvement as we expected when we posted our expectations for the gold miners last Monday...

 This is the NUGT/GDX 30 min chart, this is where strength has remained as part of a pullback in a larger Inverse H&S, this would be the lower right shoulder, there "could" be a second to make a symmetrical trend.

The short term weakness has been in the range and the damage that needed to be repaired (and still does to an extent) is around the range.

 This is the 1 min NUGT chart and why I sent out the post about any call positions "might" want to take gains off the table as intraday, GDX/NUGT looks to be losing some steam.

 Here's NUGT's 2 min chart, part of the reason I decided to start a long Friday.

 This is NUGT's 5 min chart, also very positive and below the range where we expected price to go and where we expected accumulation.

 You may remember it was the GDX/NUGT 10 and 15 min charts that told us as price was near the top of the range, that we'd likely see a move below the range to accumulate GDX on the cheap with plenty of supply.

The 10 min chart as you can see has started that repair with a 10 min positive, but only once we moved BELOW the range.

The 15 min chart has a little more work to do until it connects all of the lower positive timeframes with the higher positive timeframes, that's when GDX/NUGT should be done with the lower right shoulder and "could" move to stage 2 mark up. As I said before, there is the possibility of a second inverse right shoulder to make the price pattern symmetrical.