UGL (2 x Long Gold ETF): Gold Bulllish Watchlist
FAILED TO ACCOMPLISH THE TRADE
02/12/2014: Follow up
I had the right idea but I did not discern the Triangle so I have missed the trade
In my humble opinion the thrust following the triangle is a wave (A) within a Double Zig Zag
The measured target is at 1321
S/T is overbought (2 consecutive trading days above the upper BB) hence the risk of a pullback is high.
Reason: The corrective decline from the January 27 high is suggesting that price from the December 31 low will ufold a Zig Zag, hence the current pullback is the wave (B) which will be followed by the wave (C) higher concluding the assumed Zig Zag
Requirements: Since I don´t know which corrective pattern is in progress (Zig Zag, Double Zig Zag, Flat or Triangle), I don´t want to see an eod print below 1231. For the time being I am monitoring the price behaviour.
If price is unfolding a Double Zig Zag maybe it could be foming a Bullish Flag
If I am able to detect a reversal pattern I will go long UGL (2 x Long Gold ETF)