[ETF Watch] A Look At GLD IBB TQQQ UPRO SQQQ SPXU – Elliott Wave Analysis

UPRO (S&P Triple ETF) – Entered the worst case scenario..at least a C wave down has formed with a target of 60-61..but if it forms a full downward 1.618 X W1, W3 it would target as low as 56-57..this is setting up for a huge move down on this breakdown 15 mins ago, so take a look at… SPXU if you want to short at this moment. (Inverse of UPRO)

TQQQ (NASDAQ 100 Triple ETF) – Worst case scenarios: C or 3…a C would target as low as 112, but a 3 a slow as 108-109 back to the low of the original A wave move…SQQQ would be a good choice here at this very moment (Inverse of TQQQ)

GLD:

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GLD formed a zigzag, held support and reversed..if it can take out the top of the B wave at 103.70 it would setup an upward 3, which could easily reach 108-110 on a 1.618 move..that one break would set it up.

IBB: A break of 322 would setup a full C to as low as 310, or a downward 3 to the 287-290 range..it’s leaning dangerously towards breaking important support at this very moment.

 

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