Trading against the reversal of an Ending Diagonal is never a good idea. Price frequently returns to, or exceeds, the starting point. Gold Resource Corp might have another squiggle lower to complete wave (2). I'd like to see some positive divergence set up on MACD.
$GC1! has pretty much proven the 2016 rally was just a reaction high. We'll have confirmation if we close year end below 1307. A close below the 1179 quarterly bearish for year end would raise the probability of new lows DRAMATICALLY.
Would be great value if we could get a pullback to the previously elected monthly bearish level (1242.1) and 50/60 ema. That move...
Seem to have completed a H&S pattern on the weekly chart. Simple extension predicts support around the Jan. 2016 low.
Gold should continue to drop for awhile and could quite easily help GDX make new lows. One to watch.
Don't recall if I had posted this idea. Similar to other miners...but with remarkable potential. Keep you positions small in these "penny" stocks. I certainly am. Stop below 0.24
GDX has already tested and held the 50% retrace, but price pattern looks like it could dip lower to the 18s. 17.77 is the 61.8% target, just under the red C=A target at 18.21. IF this is an Ending Diagonal then price should react strongly on completion, bouncing to at least the mid 22s in the start of wave 1 of (3).
Alamos Gold broke its recent low today. Next retrace fib support is the 38.2% at 5.81 (white line). Remember, my fibs are calculated outside tradingview, all log-scale.
Pattern looks like a possible Ending Diagonal in (v) of C of (2). Can try to catch the knife here. Safer play is to wait for an initial impulsive pattern off the presumed coming low, then buy...
Wave 4 of (3) dropped deeper than I anticipated, but still within the rules. Should hold over 5.28 and reach at least 15s to finish 5 of (3)...let price show an impulsive reaction here to be certain.
I haven't looked at Franco Nevada in a long while, maybe since March. White count was generated back then. The target box for 3 of (1) is unchanged; price met that objective. In this pattern wave 4 should have held above 61.47 top of 1 (see red line), but since it didn't I'll need to revise my count.
Blue Alt:
Might be looking at another (1)-(2), 1-2 here...
Another high risk trade, like AUMN. Holding a (1)-(2), 1-2 set-up at the moment. Projections off that spike low are perhaps suspect. Stop below 0.22, or certainly at 0.17. Please keep your position size small...I certainly did.
Still waiting for launch in the 3rd. Solid (1)-(2), 1-2 set up. Below 0.48 I get concerned. This is a very risky choice; below 1.00 here. Mind you position size and respect what could be a low volume spike down, possibly stopping out what could otherwise be an exciting trade.
I'd like to see AngloGold hold 9.63 for (2). Was close enough and in the target region so I added some the other day. Targets are projected based on 10.45 low; subject to slight modification. Below 9.63 the pattern is still valid but I'd want to see an initial 5-wave impulse up to add confidence.
Not completely convinced Alamos Gold has bottomed in (2). Here's a notional projection if it has. Deeper (2) would actually raise these targets slightly. Stop at 6.04, or as deep as 4.50 if your position is small enough and your horizon long enough...
No confirmation yet that Primary 2 has bottomed, but the potential upside here is remarkable. Gonna need a loose stop if you use the 61.8% retrace (bottom of green box).
Seabridge bottomed earlier than many miners. So far it topped at the 100% extension (log-scale). That has me concerned as it would normally count as the (3) of P3. I've annotated it as an extended (1) of P3 instead since the retrace is too deep for a 4th wave, imo. That'll extend targets for (3) and P3 beyond normal expectations, but that's not entirely...
Penny stock (currently). Not for the faint of heart. I didn't take a second mortgage for this position (and neither should you). Something like a lotto size position, if you must.
Note: positive divergence holding nicely on MACD, but wave (2) box goes some -43% deeper...
Pretium Resources bottomed about two years earlier than many other miners. This should be wave (4) of primary 3, and technically still valid, but I'm skeptical perhaps something else is in play. The move up stopped near the 100% extension of primary 1-2, a typical A=C corrective target. However, its also a typical (3) of 3 target so I gave it the benefit of the...
