It's over! NUGT has lost all rally potential when it crossed over 2.90. It could go up to as high as 3.1. But in the medium term of the next 10-20 trading days, it will be the top. As to why I didn't grab some of NUGT yesterday or today AM, rallying to 3.1 from 2.66 would have given me 15% at best at the potential risk of losing 10% or more should the trade go sour. I want 20% or more when I assume a risky position such as in the ETFs!
NICE, Im still holding on, when NUGT MOVES it MOVESSSSS, Im going to wait patiently for $4.00 once it jumps to $4.00+ or even $5.00 Ill sell and will then get into JDST under $9, if you can time these perfect there is money to be made. Thats as long as gold stays in these trading range of 1080-1200,
Assuming we live in a perfect world, then the absolute toppest point of this rally is 3.25. But the market is often inefficient, so we could see NUGT peak between 3.1 and 3.25! Whenever I calculate a target price, I always go for the most inefficient price point which would be 3.1 for current NUGT viewpoint!
Here's the part where the ETFs cheat. I see NUGT fluctuating below 3.1 and back to it several times for the next while (2-5 days), while DUST continues lower and lower. Yeah, I know it sucks, but that's how the ETFs work anyways...
With all those price target predictions where do you see the s$p in the next 24 hours. Seems you can time NUGT to perfection and thats a GOLD 3X ETF....
I already told you man, I also told you the $p you could expect if you were to meet an Angel with no egoistic imperfections! (Btw, the part that you're assuming is I'm trading NUGT/DUST for the gold part. I couldn't give a rat's behind what gold is doing. All I'm doing to trade/time NUGT/DUST is using stuff I already learned in the FX market. In other words, stuff that worked in FX should work in NUGT/DUST or any other trading instruments out there. Also couldn't give a rat's a&& if it's a 3x or 9x ETF, they all look the same to me --- except NUGT/DUST are my main man/woman b/c of the exceptional liquidity over something like JDST).
Why I use the most inefficient price target rather than absolute top whenever I project prospective profits: It's often the highest or near highest price point where I know there will be plenty of shares on the bid side waiting to soak up my ask!