September 15, 2016
[ETF Watch] Elliott Wave Analysis of UPRO TQQQ GLD IBB
UPRO – For UPRO to complete a downward 3, bottom, and officially reverse it would need to reach 61.80 or 382 of the downward 3 in an upward 4..expecting that in the next 2-3 days.
TQQQ – For TQQQ to complete a downward 3, bottom and reverse itself, it would need to pop in a 4 to 382 to the 114-115 range to buffer the downward 3, 4-5 down and reverse after a mild 5.
GLD – After all is said and done, GLD both failed to break 786 and hold 618 support to the downside, so it may break the 30 day and form lower lows should 786 to the downside break at 101.7 (very close)
IBB – May have completed ABC zigzag, but the 4th wave in the C wave needs to hit 322 or 382 of the downward 3 in the C wave to buffer the downside and provide a 4-5 platform for a bottom.