1.03.17 Elliott Wave Updates For ETF’s: $FAS $TNA $IBB $NUGT

FAS – FAS broke 1.00 this morning on the gap up but has faded off the highs…it needs to close above 42 this week to sustain the upward bias

TNA – TNA gapped up huge but faded dramatically shortly after the open..still stuck in a sideways 4 because of this

IBB – [ms-protect-content id=”61,117,1559″] IBB and biotech is the strongest sector today and it’s approaching the intraday high and could form and upward 3 if it closes above 270.50

NUGT – If NUGT breaks 8.80 this week an upward 3 could take it back to 11-12 quickly [/ms-protect-content]