$JSEGFI - Gold Fields: Bullish After A Giant Running Flat
This is a share worthy of an update.
We first looked at GFI on the 4th of September and our opinion was simple:
1) we anticipated one final push to the downside potentially to R118,00
2) we identified R162,23 as a key level the bulls need to break to give a strong signal that they are now in charge
Now that the Yamana Gold deal is off let's take a look at the bigger picture and bring it all home.
From the August 2020 peak at R255,69 the share dropped to just below R118,00 in a complex WXY pattern for wave (A).
The recovery to the new all time high at R262,93 was in a simple ABC zigzag for wave (B).
The sell-off from R262,93 for wave (C) was impulsive but terminate at R126,62 just above the wave (A) low.
The entire (A)(B)(C) pattern is a running flat and with the recent break above R162,23 we can be more confident that the bulls are back in charge.
The price action from R126,62 already looks impulsive and hopefully with a recovery in the gold price as well we will see more upside in GFI.
We first looked at GFI on the 4th of September and our opinion was simple:
1) we anticipated one final push to the downside potentially to R118,00
2) we identified R162,23 as a key level the bulls need to break to give a strong signal that they are now in charge
Now that the Yamana Gold deal is off let's take a look at the bigger picture and bring it all home.
From the August 2020 peak at R255,69 the share dropped to just below R118,00 in a complex WXY pattern for wave (A).
The recovery to the new all time high at R262,93 was in a simple ABC zigzag for wave (B).
The sell-off from R262,93 for wave (C) was impulsive but terminate at R126,62 just above the wave (A) low.
The entire (A)(B)(C) pattern is a running flat and with the recent break above R162,23 we can be more confident that the bulls are back in charge.
The price action from R126,62 already looks impulsive and hopefully with a recovery in the gold price as well we will see more upside in GFI.
A three wave pull back is expected once wave (v) is complete.
It is late imo to chase further upside at these levels.