About mePrimary analyze markets using Elliott Wave principle, augmented with Fibonacci relationships to identify targets for retracements and projected extensions. Learn the technique, as I did, from Avi Gilburt on his site.
Joined a year ago
I know I've posted ideas on some of the sub-$1 miners, warning that positions should be kept small until we get confirmation. So far, a good start to proving the correction is over in wave (2). The larger 1-2 will add confidence. Retraces may be small in a presumed wave (3), and I'm not sure about the timing as ...
Perhaps wave (ii) was shallower than I anticipated. Wave 3 has a tendency to surprise this way. Wave (iii) of cir-iii of 3 is another ~5% higher. Targets remain the same as earlier ideas.
Count is a little different than IWM which seems further along in wave 3.
Over support, I remain bullish. Nothing in the ...
Posting this idea to explain what I'm doing with all my fib calculations.
And trying to convince TradingView to program the calculations as a selectable option in the Trend-Based Fib Extension tool.
The Fib Retracement calculation is quite similar. Its' the exponent of the difference in LN(price points) ...
I plan to let this one set up, but eyeing a long entry for the heart of presumed wave 3 off the lows. Retrace may not be as deep as I've depicted. Taking out the recent high after an initial 3-wave correction could indicate the rally has begun. Higher high could also be a (b) wave in a flat, so I'd put my stop ...
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.
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 ...