ABX: From A Bear To A Bull?

 

 

 

The more I look at this Barrick chart the closer I think it’s at a bottom. I counted the entire 5 wave decline as a near perfect impulse decline while other were far from being nice impulse waves. Moving the big “A” wave to the 2016 bottom sends us on about a 3 year time jump back into history. Jumping back in time also allows us to look forward and find a new location.

Barrick and other gold stock EFTs could soar as another “C” wave bullish phase is near.  I’m no longer and have reversed my positions last Thursday. I do not give any investment advice as if I did, I’m sure you would lose money at it if you jump in with an emotional “All IN”.  I post this stock as I think the decline we have been having is part of a correction and there is a good chance ABX could add a nice set of 5 waves in Minor degree, which are the prized target wave runs everyone should experience once.  I have no clue what the options chain looks like, but If I miss this up I will  try not to miss the ABX decline when it happens.

Once this starts it should take very little to start seeing a bullish pattern to develop. ABX is one of the biggest miners in the world, which is in the GDX ETF as well. So if I have GDX long positions I already would own a small part ABX .

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