JNUG Cup and Handle on 60min Chart

Looks like a cup and handle might be forming on the 60min chart of JNUG. Notice the top of the cup being 7.00. The bottom of the cup formed at 4.00. I expect that the handle will bottom out soon at 5.50 (1/2 the depth of the cup) before heading upwards to a possible breakout around 7.

I'd look for an entry at 5.50 if XAUUSD shows some strength.

Comment:

On a daily chart. . .