Loading ...Barrick Gold
If we use Barrick Gold as a reference for the PM sector, from an EW perspective,
we have clear 5 waves impulse from Oct. 2015 and an a-b-c (zig-zag) pullback from July 2016.
We know that wave 4 cannot overlap wave1. Here on the chart, we can see that wave i of the last wave was overlap at 17.29 …
So correction is over … imho.
What if 4 ended where you labeled ii? That would make wave 4 an abcde triangle rather than a regular abc correction. That would mean we need to see abx go up just a little bit more in order for wave 4 to cross into wave 1 territory. Just trying to see things from all angles, not even sure the wave count can divide like that. I am on my phone now but am planning on taking a closer look tonight.
Wave 4 can overlap wave 1 ONLY if this is a Descending Broadening Wedge … (also in an Ending Diagonal but not the case here …).
https://www.tradingview.com/x/pVOoAfA1/
I think you misunderstood what I meant. I think that wave 4 may have been an abcde triangle that ended where you have wave ii ended. A regular 5 wave down would mean that wave 4 has not gone into wave 1 yet. I can’t pull up a chart now on my phone but I believe wave e would end on September 30, going off memory here.
Well IF this is the case, i am having problem with the degree of this wave 5 … We’ll see 🙂
https://www.tradingview.com/x/1rZPsoxg/
Yes, that is what I was thinking. Can wave 5 already be over? Meaning we are moving up from here? Thanks for taking the time to entertain my thoughts, Gabe. I enjoy reading your work and charts.
IMO … this correction is over but it is still possible to have a wave X and another zig-zag if you want a Bearish scenario …