Bulls flunked our test yesterday, gapping lower instead of pushing past rally resistance at 108.63, a midpoint Hidden Pivot. The resulting bearish pattern projects most immediately to p=83.87, but any significant slippage beneath that number would augur more weakness to 78.99, or a worst-case 74.11 over the near term. Because two of the three HP levels — p and D — are located away from obvious structural supports to the left, you can bottom-fish either with a stop-loss as tight as six cents. If you do, be sure to take a partial profit on any rally of at least 18 cents. _______ UPDATE (May 10, 10:15 p.m. EDT): Buyers turned things around today after a weak start, but they’ll need to close NUGT above 107.43 by Thursday to seize the advantage. That’s the midpoint Hidden Pivot resistance of the pattern shown (see inset, a new chart), with a 129.85 target. ________ UPDATE (May 13, 3:13 a.m. ET): Friday’s bull-trap opening apexed at 108.81, but the sharp reversal that followed was not a healthy sign. Let’s give this weasel another day to do what we want it to do — i.e., close above 107.43.
