Gold Miners could finally bottom in February-March

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$, to be more precise at the 54.30$:

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