NUGT down 67% in a period of 16 trading days. High of 12.42...now at 5.42
That alone tells me there will be some bounceback, regardless of the other technical factors. It makes more sense when I put it in terms of DUST, but neither ETF has been able to sustain these type of moves for a period greater than 3 weeks without a change in course...and usually a violent one. What I'm basically saying is that this may go a bit lower, but not much before it regains some of those losses.
That being said, I will say I'm a NUGT short about 80% of the time. As I posted several weeks ago, I shorted from 12 down to the 8 level before covering. This is one of those 20% moments for me where I am (bullish?) on NUGT that it will have a decent bounce to the 7-8 dollar range within the next 2 weeks. Good buying opportunity IMO. Disclosure, bought NUGT at 6.65 and then averaged down at 5.40 for an average cost of 6.00.