[ETF Watch] $UPRO $TQQQ $GLD $IBB Elliott Wave Look – 3.28.16

UPRO: UPRO is creeping up near the top of the upward 2 resistance level around 61.8 and appears to be ready to break out by the close..minor fade should reverse here and I’m expecting that move shortly..

IBB: IBB needs to hold 618 support at 249 to setup an upward 3..a break of top of B at 259 is crucial here, and if that 618 support level breaks it may test the upper 230’s.

TQQQ: [ms-protect-content id=”61,117,1559″] The move off last Friday’s low is very choppy and is acting like a B wave…if the DOW and S&P can breakout above 1.00 it may prevent upward B before downward C move.

GLD:  The recent gap down was pretty nasty, but it does look like an impulse since the recent lows..however, worst case is a re-test of 110 at 618 support if this ends up being a 2 before a 3…it hasn’t really recovered since that big gap down. [/ms-protect-content]

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