Month: June 2013

G update

Hamilton

g june 21 2013

Precisely a year ago we suggested $20 as an ultimate target for this stock. We had a different count then (see previous blogs). This is a better count (we think) and also simpler, just an A-B-C  double zig-zag down for a full correction. From $53.79 to $24.58 is 54.3%. It could drop a little further but the C wave looks pretty well complete within, say, a single dollar. This is a buy with the potential of $6/$12 to the upside. Both the RSI and MACD support this.

G 21 JUNE 2013 B

In the big picture (using a slightly different count) we have a huge 5-6 year flat correction that could be (almost) complete at this point.

g 21 june 2013 2

An ideal target would be in the vicinity of $22. Any rebound from there would be correspondingly larger than indicated above.  The big risk here appears to be that of missing the boat entirely.

ABX update

Hamilton

abx june 21 2013

We got our 4th wave and should be hitting bottom in the next few days as one last 5th of a 5th is traced out. Just a guess would suggest something in the order of $16.50 or so. Note that both the RSI and MACD are pointing up. The yield, by the way, at 4.70% is unheard of for a gold miner. The stock is down about 70% from its peak. A buy (but maybe just for a good trade, we shall see).

BB update

Hamilton

bb june 14 2013

It took the better part of four months for the initial up leg from , roughly, $6 to $18 to complete. This triangle has now been at it for five months. So we know that it is not a fourth wave triangle so it has to be a B-wave. It could be B in a large A-B-C rebound to somewhere around $24 or the B in a smaller A-B-C down in a wave two targeting about $10/11 For the moment we still prefer the upside but with a stop at about $13.50.