I think gold has yet to decline, and I am liking KGC (Kinross Gold) as a possible short candidate. My plan is to short around $23.80 with a stop @ $24.25. My target is around $17.00.
Following a weak ending diagonal, price has plummeted. It now appears that price is correcting in 3-waves on decreasing volume. This tells me that buyers have yet to materialize in force. My downside target is $17.00 because this is roughly where WaveC would equal WaveA.
On the 1-hr chart, there is a clear 5-wave down pattern, followed by 3-waves up. My plan is to short around the 50% fibo, which is also where Wave-c equals Wave-a. My stop will be just above this level.
Following a weak ending diagonal, price has plummeted. It now appears that price is correcting in 3-waves on decreasing volume. This tells me that buyers have yet to materialize in force. My downside target is $17.00 because this is roughly where WaveC would equal WaveA.
On the 1-hr chart, there is a clear 5-wave down pattern, followed by 3-waves up. My plan is to short around the 50% fibo, which is also where Wave-c equals Wave-a. My stop will be just above this level.
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