I'm still projecting one more push higher for GOLD before the steep slide down to $1,400.
With that in mind, I purchased NEWMONT GOLDCORP (NEM) $38.50 call options expiring this Friday (bought at $0.20)
I anticipate that NEW is in an ending diagonal that will rise to $39.35 or so tomorrow, fall back to touch the wave 1 high at $38.79, and then push to the $40+ level in wave 5 by the end of this week.
@BobbySpa, thanks. I actually think NEM might have an early morning push higher tomorrow before the selloff to the $38.79 level.
Either way, I still think we're going up to test the $41.61 level. Anticipating that NEM will peak between $41.61 and the high at $41.08.
Let's see what happens :)
BobbySpa
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@BenjiMiller, what is your full retracement target for NEM? Everyone wants that $1400 level tested and the more everyone says we have to go there the less I think we will. Having said that until the market starts to sell off the gold trade will probably stay muted. Like you I anticipated a push in the morning and a text book sell off.
BenjiMiller
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hi Bobby. My projection is for NEM to rally and take out the $40.62 high from Sept. 24 but not breach the $41.08 high from August 28. The only exception is if it forms an expanded flat, which I deem unlikely.
I don't really read other people's analysis (maybe I should). Interesting that many are predicting $1,400. It may get there but the timing and movements are the real question, in my mind!