Direxion Daily Gold Miners Index Bull 2XSharesArca
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The pattern seems to be correct. So if we assume Nugt follows this pattern our first target is above 15 usd.
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JMNIK
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Peter, seems like a false break-out. What does it imply? Does it go all the way down to test the bottom ($5.51) first?
Peter101
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@JMNIK, Could be. If my pattern and wave count (elliott-wave and pattern analysis) are correct (74%) we are currently in wave 2. Wave-2 finds support in the 7.20 / 7.50 area, which is also the 50% retracement level. We could overshoot and find support around 6.90 (61.8 retrace). In my opinion the break-out can't be false because of all the insecurities in the world right now (to much paper money is confiscated in India, Venezuela and now Pakistan...and more and more people want secure there financial belongings) When gold would go down then mainstream people could effort gold and that will not happen!
JMNIK
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@Peter101, Thanks Peter. I guess we will soon find out if the 7.20 / 7.50 / 6.90 area holds. Thanks for the other insight as well regarding the currency situations as well as bitcoin going exponential. Gold makes a lot of sense here as an alternate to sovereign currencies.
Peter101
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@JMNIK, Happy New Year! Thanks for your response. Bitcoin is not the only interesting digital currency. I own also Ripple...Like Bitcoin Ripple is also a deflationary digital currency. The difference between the two are: When Ripple was created every digit to mine was brought in one time to the market. With every payment you do with Ripple a little digit of Ripple disappears. (That the deflationaire aspect) Bitcoin on the other hand has a maximum amount of digits(bitcoins) to mine...thats also deflationary ...The bitcoin can be divided in 8 digits after the full 1. Ripple is now cheap but will be more and more attractive (and higher in price) when more people use it...
And of course I do own Silver, In my view the most promising investment of 2017.