Both the E-Mini Nasdaq NQ, and E-Mini SP500 ES, have set up head and shoulders patterns on 60 minute charts. NQ projects to 2430.00, while ES Projects to 1260. I’m holding bearish ETFs TZA, QID, TYP, and the 2X VIX Short Term ETF – TVIX.
NUGT is close to a bounce point here, as the 20 area is the projected target I had off of the head and shoulders formation. Take 39 to 29 from the right slope of the head and you have 10 points. So take 10 points from around 30 where the ETF started breaking down under the trendline. This is day 9 from the major pivot and day 5 from the key minor pivot that signaled this potential move.
DUST weekly nears trendline resistance.