If stopped out, we would buy it again. with a stop again at $2 below the purchase level.
Month: April 2013
BB update
Despite the time it is taking, we will stick to the idea that we are tracing out a triangle that would ultimately call for a thrust of roughly $7, bringing the high to about $20/$21. Obviously this call will become more reliable once, and if, we have completed waves d and e. From here on we should not trade below today’s lows!
ABX with a fine pencil
Using a fine pencil, pretty well there give or take 10 cents.
ABX update
ABX is nearing our target of $25. We would buy at that level with a stop maybe two dollars lower. We would be looking for a wave 4 as a minimum, that is a rebound of about $10. Our friends at Goldman Sachs, who have every central banker in their rolodex, just announced their dim views on gold going forward. The Chilean government just announced an injunction against ABX’s Pascua-Lama project, which may be a blessing in disguise. From an EW perspective everything is in place for, at the very least, a wave 4 rebound of roughly $10. We are precisely on the bottom trend line and there are a number of specific niceties happening that only an EW-aver would appreciate. Otherwise it is worth noting that both the RSI and MACD would support a nice rebound. A buy!