NUGT
is playing a perfect Fibonacci pinball, this usually is indication of a 3rd wave under the surface. For tomorrow we could expect NUGT to hit 11.56, standard retrace for a c wave down as seen here (link), in case a bigger retrace plays out, this could extend to 10.28.
TNA
If we only used OI we could project an ugly week for $TNA and $SPX… but based on EW as we noticed 105.34 is the level to watch, and on Monday this level can be updated to 106.72 . Once TNA goes over 108 stops can be updated to 106.72 (link).
We are going to apply proper risk management, since for trading purposes once market goes above 108 we must continue pressing the long side, but we must not forget that if market breaks support at 106.72 and 105.34 immediate target is 103.31, so no matter how much we over trade in the upper range, if TNA comes back to 103.31 we will return to swing trading mode.
