This is an elliott wave look at the following ETF’s: TQQQ GLD UPRO IBB …forecasts and scenarios for 12.07.15..
IBB (Biotech ETF) – There MIGHT be 5 waves down on IBB’s 30 day 1 minute chart before a much bigger reversal..however the 5th wave may not be over and 618 X w1 + W3 would be as low as 310-320 before finally reversing…it does however look like 5 pure waves down about to complete..short term.
GLD (Gold ETF) – If GLD can hold 102.25 this week and rallies over 103.5, that would be a W1-W2-W3 setup..highest target could be as high as 109-110 in a Wave 3 at 1.618 in a golden ratio move..short term.
UPRO (Triple SPX ETF) –
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