After satisfying our Swing Target of 7.00 off of the 12.15 Dec 20 lows (5.55-5.51), which represented a very important objective, the ability of the Direxion Daily Gold Miners Bull 3X ETF (NUGT) to hurdle and to sustain above 7.00 argues that a more important, more powerful recovery rally is in progress, that points next to a confrontation with NUGT's Dec resistance line, which cuts across the price axis in the vicinity of 7.90 this morning.
A sustained, upside penetration of the resistance line will exhibit additional evidence that NUGT and The Miners are in the grasp of an incomplete, powerful, recovery-rally period that has as its next target zone 8.60-9.25.
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