DUST looks like it's on its last upleg. Intraday wedge could take it to 35+ (or it could be a fake). Regardless, not much longer b4 it heads South.
BOUGHT NUGT YESTERDAY and TODAY....Will continue to add to it as gold falls, looking for gold to break above 1200, once that happens all those shorts trying to cover their short positions will send gold back up pretty quick, so I bought NUGT for that reason.....I usually trade JDST instead of DUST, Like to buy JDST under $10, and really like to add to it when its under $8, bought it last week in the low 8's and sold it around $9, a week later it surges to $13+ Oh well
I almost bought NUGT yesterday. Intraday chart didn't impress me yesterday. Intraday chart still doesn't impress today. Looking for NUGT to build a nice base to I can time my entry. Could be tomorrow or in a few days... This is what I especially hate about the inverse ETFs. It's just not enough to look for topping formations on DUST, you also need bullish formations in NUGT. (Btw, I also am not a scalper. My prefer profit target is at least 20% so I'll be sort of swing trading the pair).
Here it is, our AM DUST bullish wedge has morphed into an ascending triangle. Actually, there is a sort of 2nd wedge there too. The last push above 35. Take it or leave it, I'll soon enter NUGT for a 20% gain...
On second thought, NUGT chart still looks like sh1t. I was hoping it'd form a nice bear flag upon DUST touching 35. But that's gotta be the sh1ttiest bear flag I will have ever seen! On the side line waiting for a real base to show up on NUGT!
Ok, here's WTF I think is really happening, NUGT could rally back to $3 then drop much lower than today's low. Do I want a friggin measily 10% from these levels? Nope, I'm a swing trader not a scalper, so playing the waiting game continues...
NUGT will most likely spike after it reverse splits 1 for 10 on September 10th, when the float is severely reduced by 90% and shorts scramble to cover. Stay tuned...
My guess is NUGT becomes a $20 ETF on Sept 10. If I was manipulating NUGT, I'd want to tank this sh1t below $2 to cause the folks on margin to sell into my buying as retailers usually can't have margin on a penny stock, then rally it post split for a pile of stinkin dough. Just a thought, not saying this will actually play out...
Wow o wow, NUGT is starting to look badass again. DUST is making a sine wave intraday formation that could see it hit $37 by tomorrow! On the other hand, NUGT is repairing that ugly-looking potential bear flag that was almost ruined yesterday by today's brief rally to 2.85. If the rally on NUGT continues to 3.00, it's game over and this sh1t will likely drop from there. But if it goes south soon to say below 2.5, it WILL rally back to 3.0 for a nice 20%+. 3.0 is the magic target price point.