Thursday, March 22, 2012
BUY NUGT @ $15.55 - Gold 2008 vs. 2012
I seem to have it in my head that gold is possibly making an inverted head and shoulders pattern as was the case following the 2008 C-wave top. With that thought in mind and seeing that the miners are really beat up - to the point that GDX is sitting on the lower boundary of the 17 month old megaphone pattern - I took a position in Direxion Gold Miners Bull 3X ETF (NUGT) at $15.55.
The charts that follow are of my NUGT purchase, as well as the 2008 gold inverted head and shoulders and the possibly forming current specimen.
My TSI Trading record has been updated.