Barrick Gold: 520% possible Move

BATS:GOLD   Barrick Gold Corporation
Many traders believe that investing in a wide variety of assets is the best way to achieve optimal diversification. However, we disagree with this notion. It's the correlations that matter. Holding 20 tech stocks, for example, results in a high correlation among investments, offering little in terms of true diversification. Therefore, we're also looking at a gold mining stock, Barrick Gold Corporation. Although it's a Canadian company, we're analyzing it based on its performance on the New York Stock Exchange, as it provides a longer historical view.
Contrary to other stocks, Barrick Gold presents a different picture. Since July 2020, there's been a significant decline, which is contrary to the overall market trend, indicating this stock moves inversely to the broader market. We're in Wave III, having concluded Wave II at $5.91. We expect to surpass the all-time high of $56 significantly. The Wave 2 of the subordinate Wave (3) has already concluded, and we didn't make an entry, as this was already completed at $13 on the daily chart. However, we've returned to this level and have now completed the smallest wave structure, also marking the end of a Wave (ii). We must not fall below this point, as it would indicate the subordinate Wave ((ii)) is incorrect. Additionally, falling below the $13 mark could potentially invalidate the entire scenario. We'll place our stop-loss below the 88.2% retracement level, as this represents our last plausible point for a market turn.

✅ Daily Charts (price targets & commentary)
✅ Exact setups inclusive Limit Order & Stop Loss
✅ Challenges

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