NUGT is a 3x leveraged Bull ETF, designed to move of three times the price movement of its target index, the NYSE Arca Gold Miners Index (GDM).

At the beginning, first a warning. 2x, 3x leveraged leveraged Bull ETFs and their counterparts, the invers leveraged Bear ETFs are mere swing-, day-trading- and intraday-instruments, maximally suitable for a duration of some few weeks, at most 2-3 months. In the end they were issued to constantly nickel and dime investors.

Their construction promises easy + quick twice or even thrice levered profit. However, if the market participant lose sight of the position and the trend because of not always being able to trade, for instance in case of part-time traders and part-time investors or during extensive vacations, those killer ETFs often elope. Painful losses grow.

==> Today, I’d like to suggest you the next intermediate bear market low for NUGT in terms of price and time. It might be brought in at 40$, or just shy below in the coming February, at latest early-March.

For NUGT I can offer a really convincing main resistance magnet, simultaneously existing and acting in the important timeframes of weekly and monthly. But also a double trading opportunity, whereby you could trade the probably still pending upward potential at your own risk.

A next Gold Miners/NUGT ETF uptrend began after a COMBINED! small monthly and a weekly Double Low pattern has set at final lows of September and December and this triggered some positive forces. Next week this upward cycle will be at week candle No. 5. As this is a Fib number = important possible trend change number, it could mark the end of the current upward cycle.



If we now observe the technical weekly chart of NUGT ETF above, we recognize that the „Yearly Downtrend Line" represents the sharply-tested resistance of a long-term Falling Wedge pattern.

The Falling Wedge resistance is 3x confirmed yearly resistance rail. The main support of the Falling Wedge is defined by 4 testings in the past. The Falling Wedge support also represents a rail on yearly base, as there the recent weekly Double Low pattern formed and the final low of entire year 2021 was set.

Visually, we can already see that after 3 consecutive upward trend candles and past week bearish reversal, the next contact with the very important upward magnet of the Falling Wedge resistance rail might come true over the course of the next 5 to 10 trading days

The weekly Slow Stokes still allows that the determining Falling Wedge resistance/Yearly Downtrend Line upmagnet could be retested for the fourth time very, very soon ...

==> For this week`s coming candle, the Falling Wedge resistance runs near 52.70$ on the weekly chart.

The GUNNER24 Method now points to the outcome that the Falling Wedge resistance will end this weekly uptrend at possible next soon test and afterwards the yearly Falling Wedge support rail has to be tested one more time before the bullish resolution of the Falling Wedge should be expected with a probability of 68%!

==> because here and now at the 53$ to 54$ not only weekly Falling Wedge and Yearly Downtrend Line resistance magnet is running, but also for this month of January 2022 a price/time event is recognizable here at 54$, to be more precise at the 54.30$:



Above you can recognize a classic 3-Fib number GUNNER24 Up Setup on a monthly base, starting at the final # 1-bear market low of 2020. The countertrend-rally or the bounce after set # 1-coronavirus panic lows was able to reach the natural countertrend-uptarget magnet of the 1st double arc.

By the red arrow we see an important monthly bounce top, what is 100% precisely made at upper line of 1st double arc.

This upper line of 1st, as well as the lower line of 1st and the entire 1st double arc space & course represent a clearly defined = strong future main resistance. At same time, the 1st double arc represents interesting future backtest environment.

Look for this setup to be well confirmed after the final 2021 highs negatively backtested the Blue Arc from below. With this lower 2021 annual high compared to the 2020 highs, the Blue Arc is also a confirmed major future resistance on an anual base and at the same time means an important future backtest magnet for NUGT in 2022.

So the main signal as far as the Gold Miners are concerned is now as follows:

With the official close of 2021 the NUGT ETF closed decisively below 1*1 Gann Angle => This is an official yearly sell signal.

Hence # 1:, the 1*1 Gann Angle represents ideal & rapid yearly backtest upmagnet main resistance.

Hence # 2: 1*2 Gann Angle has become freshly activated yearly downmagnet target!

As this setup has been confirmed in its effectiveness by price action to date, we may conclude that also the centre of the first just passed GUNNER24 Square will become important for the price and trend. The middle of the first GUNNER24 Square - which ALWAYS automatically forms a natural major price/time magnet -, for this January 2022 takes course at 54.30$!

==> Therefore, the 54$ up to maybe a 54.50$ or so should represent MAJOR = combined weekly, monthly, yearly backtest resistance magnet for the January 2022 time window, which should be shorted with both hands until proven otherwise for the likely due first test of the 1*2 Gann Angle, what represents rising future yearly main support out of # 1-final bear market low of 2020!

Maybe the by 2021 close activated 1*2 Gann Angle downtarget will be tested and finally worked off at the same time the weekly Falling Wedge support is/must be tested for the very first time in 2022!!?? and this future major support level of monthly 1*2 Gann Angle and weekly Falling Wedge at 40$ down to maybe a 38$ or so forms the springboard from which the long-term bullish Falling Wedge consolidation will subsequently be positively resolved to the upside.

==> Sell-Limit order at 54.30$. For January 2022 this price level is triple main resistance magnet.

==> The possible final lows of the year 2022 could come in February to March at 40$, down to 38$, or so!

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Be prepared!


Eduard Altmann