looking at Barrick gold today. we have two scenario that could unfold. with gold sitting on a key rising channel right now, the entire drop recently could be a deep wave 2 retrace since the 1240-1237 rise and so as long as it does not produce a lower low under 1240, there is a good chance it can bottom here.
which brings me to Barrick. I suspect we are close to a bounce soon, this bounce will either fulfill the reverse head and shoulder pattern which will target 28s in the coming weeks or (if gold heads lower and becomes more bearish) or this bounce will be simply a wave iv dead cat that will make one move lower towards the 18 in an expanding wedge formation.
either way I think is still bullish long term. I have bought back one abx position in the 21.50s, will add another if it hits the low 18s
then just hold until Feb/March 2017 for an intermediate cycle high/top
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2019 IS350 AWD
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