[ETF Watch] 1.11.16 Elliott Wave Look At TQQQ UPRO IBB GLD

IBB – It’s been in a HUGE 3 from hell down, but it touched 2.618 at 282-285..looking for a 382 upward 3 retracement shortly, mostly because of how rare it is for a 3 to exceed 2.618, which in this case is that 282-285 range…382 would target around 302 on a W4 bounce.

TQQQ – 80-83 would be 1.618 down as TQQQ has surpassed A = C by a big margin…expecting the downward 3 to hit near those levels before an upward 4 382 bounce.

UPRO – [ms-protect-content id=”61,117″] 47-49 is full 1.618 to the downside and UPRO is fast approaching it..it would need to hold that level and bounce in a 382 W4 to 54 for any chance of a bottom..

GLD – If it can hold 104 in a zigzag and break 106 to the upside, it would setup an upward 3 to the 111 range..looks like a clear 1-2-3 pattern with a W2 corrective zigzag. [/ms-protect-content]

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