The above chart shows the longer term perspective for ABX. For about a year, ABX rallied in 5-waves, and now it is correcting the move in 3-waves. My downside target is $37.50 because this is the 61.8% retracement level, and the Wave-iv of Wave3 low.4/25/2008
Gold stocks update
I last posted about the possibility of shorting some gold stocks (KGC, ABX) here. Gold has had a nice swoon over the past few days. I am looking to close my short position on ABX as it nears the $37.50 mark.
The above chart shows the longer term perspective for ABX. For about a year, ABX rallied in 5-waves, and now it is correcting the move in 3-waves. My downside target is $37.50 because this is the 61.8% retracement level, and the Wave-iv of Wave3 low.
The above chart shows the longer term perspective for ABX. For about a year, ABX rallied in 5-waves, and now it is correcting the move in 3-waves. My downside target is $37.50 because this is the 61.8% retracement level, and the Wave-iv of Wave3 low.
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