I hope this chart is halfway legible...
The miner's move off of January's low makes a strong case of THE LOW in wave II. Strong positive divergences on MACD and shallow retraces in price suggest a 3rd wave in (1). As long as support holds, I'll be looking much higher into the target boxes. My smaller time frame ideas offer details on support, resistance, and further detail on alternative counts. I've got more potential Elliott Wave counts than these in mind, but these are the most probable in my estimation through today's trading.
Another possibility is that wave (1) is coming to completion sooner than I've indicated, in the 33-34 range. We'd be in the final moves of wave 5 of (1) now. I haven't annotated this alternative, but taking profits on aggressive trades - or trailing stops - is advisable upon completion of a satisfactory 3-wave count. One could always watch support and reload long positions in green wave 4...or perhaps slightly lower in wave (2) under this alt description. Thanks Zac Mannes @ www.elliottwavetrader.net for proposing this possibility which resembles potential counts on several big-name individual miners.
The most bearish, with less than 30% probability in my opinion, is an alt (4) of II, pushing out a lower low in wave (5) of II for many months. As this is NOT my expectation while price continues holding high support on shallow corrective retraces...I haven't annotated it on my chart.
The miner's move off of January's low makes a strong case of THE LOW in wave II. Strong positive divergences on MACD and shallow retraces in price suggest a 3rd wave in (1). As long as support holds, I'll be looking much higher into the target boxes. My smaller time frame ideas offer details on support, resistance, and further detail on alternative counts. I've got more potential Elliott Wave counts than these in mind, but these are the most probable in my estimation through today's trading.
Another possibility is that wave (1) is coming to completion sooner than I've indicated, in the 33-34 range. We'd be in the final moves of wave 5 of (1) now. I haven't annotated this alternative, but taking profits on aggressive trades - or trailing stops - is advisable upon completion of a satisfactory 3-wave count. One could always watch support and reload long positions in green wave 4...or perhaps slightly lower in wave (2) under this alt description. Thanks Zac Mannes @ www.elliottwavetrader.net for proposing this possibility which resembles potential counts on several big-name individual miners.
The most bearish, with less than 30% probability in my opinion, is an alt (4) of II, pushing out a lower low in wave (5) of II for many months. As this is NOT my expectation while price continues holding high support on shallow corrective retraces...I haven't annotated it on my chart.
