Instrument looks to be in a wave 2 down.
The wave 2 should complete at 0.618%, or more likely
at the gap below. When complete, it should be in a strong
wave 3 up to target levels shown. Note, wave 3 blue will
also subdivide in 5 waves as it move up to target area.
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.
Will only buy this tomorrow on a close at or above 13.69. If criteria isn't met tomorrow but price continues to hold at this level, I will update the entrance parameters accordingly.
6/1 Buy for .5% risk:
Entry: 13.69
Target: 15.86
Stop: 12.85
I think this pullback to the base is an ideal time to get started on this trade if you are on the sidelines watching and waiting. The pullback is on decent volume, but a tad less than the rally, which is always nice to see. I would view $12.50 as the 'don't touch' level or stop out. If I did get stopped out at $12.50, I will still be open to revisiting this...
Note the nice three-month base in AU shares and the recent bump out of that base on Tuesday this week.
I have also added the 1-day moving average lagged 63 days, which is simply the close from 63-days ago plotted in brown. When the price goes above the price from 63-days ago, it can be a buy signal. If the prices goes under the price from 63-days ago, it can be...
