NUGT
A perfect fibonacci pinball on NUGT should have a standard retrace to 9.39; then one more high to 10.92 in the 5th wave of the 5 of 1, a chart of the ideal scenario is here (link). Assuming we want to play that last squiggle higher, the position should be small, with an entry at 9.55, this is a high risk trade and might not come to fruition, but the setup is there.
I want to point out something important on this update, waves ii on NUGT have happened to be small, almost non existent, so once we get the ideal high for wave 1, we should not expect a standard retrace for wave 2 to be constructed, and instead of .50 we should look for a .382 retrace or even .236. Risk management is going to be essential for positioning in 2 of 3 of 3 in metals.
NFLX
The last standard targets on our books for NFLX are 135.78-140.41, but we should use a tight stop if want to participate on that upside, initial concern should be a break under 1341.43 with continuation under 129.10. Chart here (link) and here (link).
NFLX won its place as a core, so again if trading the last squiggles higher first one has to set stops and respect them.
SHAK
Did something outstandingly bullish yesterday by going above 39.51, so we will post the macro ABC, chart here (link) with a conservative target at 44.80 and then the subdivisions: the initial subdivision (link1) has great potential for 43.36 and ideally should hit 48.67-49.92, we have to notice though that the 43-45 area has been a wall for SHAK during an entire year, so any conservative trader can sell 43.36 or reduce accordingly if this level is seen; this 43.39 area represents iii of 3 on this second subdivision (link2)
TNA
Instead of following through to the upside we got a test of support at 104 area, where we did a repurchase of the stocks we had sold higher. Setup is simple and clear, for as long as 100.25 holds, we can project 109.98 at a minimum, but if 1002.25 breaks with follow through under 99.95 we can establish target at 98.92 with low probabilities for 93.21 and 91.87.
Moores’ 2C-P is at 68, testing previous resistance area again. D/U ratio was 1.429, nothing impressive, so even 98.92 is seen on TNA that would be a very standardized move to the downside and the action for the week would be very normal.
PCR is back to standard territory PCR 3.351 107,166 calls expiring versus 359,152 puts expiring. What takes our attention is that for next week traders were seriously bearish buying a incredible amount of puts change was executed at 6.863, shocking.
Cyclical analysis is still bullish.
All in all I know w want to stay long TNA at least until 112-114, I do not like chasing, so rather to suffer a bit here, than having the terrible duty to chase a potential and more serious top once TNA is at 112-114.69 area.
