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) – [ms-protect-content id=”61,117″] If UPRO can hold 65 at 618 fibonacci support today and rally over 67, that would be a W1-W2-W3 setup..highest target could be as high as 80-82 based on the 30 day 1 minute chart.
TQQQ (Triple NASDAQ 100 ETF) – TQQQ 618 fibonacci support is at 119..if it can hold that level this week and rally over 123, the highest target could be as high as 155-157 based on a 1.618 move on the 30 day minute chart..this 1-2-3 setup is a crucial setup which could launch it to that nosebleed level quickly. [/ms-protect-content]