AMEX:TRX   TANZANIAN GOLD CORPORATION
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So target for the three drive to a bottom is.....
Looks like there is a confluence of fib around 2.21 and comes in handy with the 200 ma on daily and the structural resistance zone .
I will be looking for a shallow retrace of 23.6 or max 38.2 fib for going bullish again heading for ma200. That will probably be coming in around 2.57 at that time.
I will be following the price of gold as well for confirmation on further upmove.

Speculative:
At 2.57 price action will stop and retrace - creating a possible neckline. Price then probably makes retrace to ma100. Price action could then be setting up a possible IHS .
BUT first things first ;)
Music at work:
http://open.spotify.com/track/3tTRsB5SxB...
https://www.youtube.com/watch?v=Rs38lKxm...

But as always.... time will show
Safe trading ladies and gents!
BM
We got a zig zag pull back to day. :)
2.10 might be all we see for a wave 4 retrace before 2.57 neckline.
Still very early to tell for sure. Wave 4 could also be morphing into a pennant no sign of that yet.
Watch price of gold for clues. Have taken a hit to ...1260 still key.
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$2.24 close, up 7th day in a row, hasnt happened in 3-4 years fyi. My buddy is 37k shares short of 1.5 million shares of this. (Long term holder)
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WallStScalper MicroCapEquity
Well... he should have earn a little bit by then now. :)
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Seems like... we are.... https://www.youtube.com/watch?v=ZNaA7fVXB28 at fib 0.236 fib retrace
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WallStScalper WallStScalper
Gold need to take out 1260... full stop. No more no less and gold have taken a hit today so I see TRX having some headWIND and a retrace could therefor be straight ahead (Tommorrow the erliest)
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Well all of this depends on the price of gold, if gold breaks above $1300, then TRX will exceed $3, if Gold breaks $1400, then TRX will break $4.
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WallStScalper MicroCapEquity
Yes I fully agree! The price of gold is the key!
In an bullish EW-count I do see gold go above 1400. But if we see a pennant as the fourth wave before a final firth or a flat before further upmove ....hmmm.
It will take a lot of time and goldminers will be hesitating in going higher too
So!.... The IHS is pure speculative and much to early to be looking for.
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But first things first.... only if and if...but time will show:
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WallStScalper WallStScalper
A funny coincidence ....having a gap at 3.42 - 3.51... If above chart pan out.The target of the speculative IHS shown could be closing the gap... But time will show...always.
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