[ETF Watch] A Look At UPRO TQQQ GLD IBB – 12.08.15

UPRO – UPRO needs to hold 64 intraday or there could be a downside breakdown and trigger of a full downward 3..worst case scenario in a downward 3 would be 1.618 at 58-60..that simple break would setup that type of move..in order to stop it, UPRO would have to at LEAST take out the intraday high at 66.3..the NASDAQ may help however by the close in causing this breakout.

TQQQ – Looks way better than UPRO right now, and is right near the intraday highs…there could be a 1-2-3 off the lows setting up now, and if it can take out the intraday high at 123.70, there’s a good chance of that follow through upward 3 AND S&P and DOW may get off the lows and reverse as well…the movement by NASDAQ today is very key.

GLD – [ms-protect-content id=”61,117″] if GLD can hold 618 support at 102.5 and break above 786 resistance at 103.5 there’s a good shot at an upward 3..impulse off the lows has a 1-2-3 pattern and if it sets up, highest target could be 108-110.

IBB – There could be a 5 wave bottom in place for IBB setting up..but it would need to reverse over 332 minimum or the previous 4 to setup a full 618 or 786 reversal and bottom…the 5 wave pattern down looks distinct but with an oversized 4. [/ms-protect-content]

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