Quick NUGT Update

Yesterday I did the now daily or bi-daily GDX/NUGT update as this seems to be a very popular trade idea with everyone. I did and still do support a partial position in NUGT long, although not today at this moment as it is up over +4%.

Yesterday's Daily GDX/NUGT Update really went over the last chart that's standing in the way of a full-size position and that's the 10 min NUGT and DUST (for confirmation) charts, everything else looks great. We may actually be very close to closing the book on this one chart that hasn't fallen in to place yet.

Here's what I see this morning...

 Intraday 1 min, we have good confirmation of the NUGT gap up, I'm not too worried about the position, if we did see some negative deterioration, you could take the 4% gains and re-enter at better prices and at a time when the 10 min chart should be repaired, but this is a position with so much potential, 4% is chump change in my view.

Looking at the 10 and 15 min charts, they were forecasting a move BELOW the range, especially at the head fake/ false breakout,  but charts beyond 15 min were forecasting that these charts would be repaired and the asset would move higher. The move lower was necessary to create a right shoulder on the inverse H&S bottom formation, I have almost no doubt that is why this pattern and chain of events were created.

While you can't see much in the way of improvement above, taking a closer look, this is a positive divegrence, it's not the repair I was or am expecting, but it's a start and that's a good thing to finally see.