While the blue count is my primary, price structure still allows the yellow alt Leading Diagonal (3-wave moves off the low) is viable even as low as 3.02. I've annotated the alt 2 as an a-b-c flat, but variation is certainly possible in corrective structures. A significant breakout on volume, confirmed by MACD making new highs, and I will take the yellow...
Goldcorp Inc has stalled a bit in its presumed 3rd wave. MACD has NOT broken out (yet) and Stoch RSI has NOT embedded. Breaking below 17.41 and certainly 16.04 would be cause to re-evaluate the count, although an alt wave 2 in the high 15s, low 16s makes sense as an flat where the recent high counts as a b-wave (not annotated).
B2GOLD Corp had a 285% rally in presumed (white) wave 1. Price action and technical indicators suggest the heart of a 3rd of 3 vice yellow alt 5 of (1). Like AUMN and TGD, I see embedded momentum indicators and breakout on MACD.
Golden Minerals Co, like TGD, has high consolidations and appears to be breaking out in the heart of a 3rd of 3. See embedded Stoch RSI and strong MACD. A rough roadmap is shown on the chart (remember, I use log scale).
Timmins Gold Corp ripped higher in wave 1 off the Jan low, had a high consolidation, then ripped higher again in presumed wave i (white alt 1) for a 520% rally. I have it progressing in wave 3, confirmed by embedded technicals (see Stoch RSI) and breakout in MACD. Wave iii of 3 should have the most pronounced MACD high with negative divergence forming in...
There is one weekly target that hasn't been hit yet, and I suspect we might hit it very soon, so I'm willing to risk taking a long position here, with 23 point downside risk. Let's see if we can attain the weekly 'Time at mode' target before our stop loss gets hit. You can risk between 0.5 and 1% on this trade, and then look to add as it moves in profit, further...
A close inside BB needed to cancel volatily release
Point is to rejoin the uptrend at a cheaper price
IH&S2 PO, 16% higher from now
20W correlation with $gld in positive phase
Still positive but yesterday's candle needs attention
Patterns are in place for a retreat.... 3 drive into Market Structure... Above 1334 on a closing basis changes the pattern and decreases the odds.
BB's "fish lips". Not wise to short the metals now
Per the usual suspects - RSI - WT - MACD and resistance levels - I feel gold, GLD. and miners GDX, GDXJ are entering short territory.
Since the Gold obviously started a corrective move down it makes sense to load up with ETF which has also started its corrective move. A lot of supports on the way down present a buying oportunities. My bet would be bellow the red line, which is somewhere between 50% and 61 % fibo lines. How to trade 1. Wait for a bounce first and then load up 2. If it closes...
Must close >1,210.3 tomorrow to avoid it