Gold presses impulsive pattern.
By
Zac Mannes
This is an update to our Miner's Coverage List.
This stretch high in GC is very good, but it still cannot eliminate the potential that this is just a yellow (a) up inside a 4th.
A-waves can be either 3 wave moves or 5 wave moves and even as a 3 wave move the c of an A-Wave can stretch well beyond the 100% extension and still be just a c wave...
It is better to continually walk up the support level for any fourth wave to hold.
While possible for this to be the micro 3rd of the green v of (iii) attempting to stretch all the way to the 200% extension at 1214.50... It would be prudent to consider the potential that this is just an extension of iii of (iii) OR a more normal Fib hit for just all of the (iii). Both of these are illustrated by the blue iii/(iii). "Ratcheting-up" our support any blue iv/(iv) should ideally hold the 1195 region, and a v/(v) would then target 1220s.
As far as GDX goes, even if this is ONLY an alt orange 4 this should still be just the start of the a wave of that corrective bounce with resistance in the 21-22 region. If gold can keep holding corrective retraces at or above ideal support and advancing the potential impulsive count then GDX is likely to continue to develop more off the low.
