descending triangle and hanging man looks bearish

Direxion Daily Gold Miners Index Bull 2XShares (AMEX:NUGT)

AMEX:NUGT Direxion Daily Gold Miners Index Bull 2XShares

Trend Analysis Chart Patterns

trendanalysis chartpattern

Selling pressure is strong here. Could mean a correction for the index and possibly also for gold prices which it is correlated with strongly. Gold has made short terem fresh highs above 1280 which could mean a small correction while other large index like NASDAQ and SP500 stage a recovery.

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