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

FAS – FAS is trying to complete and ABC flat, but has reversed off the lows…a break of 42.10 would complete the ABC flat and setup higher highs

IBB – IBB needs to hold 260 or it may drop to lower lows on the 3 month chart..however, it looks like a 5th wave down so a sudden reversal isn’t out of the question

NUGT [ms-protect-content id=”61,117,1559″] Trapped in a 5th wave gap down from last week and has been sideways between 5.5-6..this could be a good buy later in the month when the Jan effect comes into play

TNA – TNA may have completed an ABC flat and is reversing now…a break of 105 would setup a W3 [/ms-protect-content]