NUGT (Gold Miners) Approach a Consequential Chart Point

NUGT-- the time of truth as the price structure nose-dives into multi-year new low territory at 11.66, which we see on the attached chart, positions NUGT near its lower channel boundary line, which cuts across the price axis in the vicinity of 11.65. Based on both my pattern work and momentum gauges, I am expecting THIS LOW to be accompanied by glaring divergences that will "warn" us that the weakness in the Gold Miners (and Gold) is on borrowed time... And just maybe, the USD (DXY) is about to roll over again, in route to a test of its 200 DMA, now at 92.51 (see chart)?

9 05 18 NUGT GIF
9 05 18 NUGT GIF
9 05 18 DXY Day GIF
9 05 18 DXY Day GIF
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!