![\"abx222\"](\"https:\/\/goldtadise.com\/wp-content\/uploads\/2016\/11\/abx222.png\")
<\/a><\/p>\nA Rip Roaring 300% Move in 9 months. Note the Bottom in Oct 2015…3 months before most PM Miners of all ilks Bottomed in January 2016…Barrick IS THE LEADER…like it or NOT !<\/p>\n
This Giant of the Gold Mining Industry trades like a penny Stock !<\/p>\n
So Who buys it …No one here on this board would touch it with a 10 foot pole.<\/p>\n
Institutions that’s who. <\/p>\n
So where are we Now ?<\/p>\n
Well for one we are just starting into the strongest seasonal period BY FAR in the Miners…but that’s a secondary metric.<\/p>\n
BUT what about the Chartology ? <\/p>\n
We have all been analysing GDX and GDXJ and HUI and all the PM Indices..and many here are still seeing Bearish Patterns…expecting more downplay here. <\/p>\n
Personally I look at the HUI and I see a very Ominous Looking H and S Pattern projecting a fall back to where we came from. Classic !<\/p>\n
ABX is in all the Major PM Indices..its a large Component so one would expect it to look similar to this HUi Chart Observations<\/p>\n 1..After the 9 month epic 300% run ABX finally corrected for what seemed like a LONG time for the Standing Bulls What could be next ? Now Zoom Back out to the weekly and what potential do we see ? an Inverse Head and Shoulders in the Making.<\/p>\n Pass the Popcorn<\/p>\n","protected":false},"excerpt":{"rendered":" Barrick Gold….World’s Largest Gold Miner. Some say its Flawed…over hedged…poorly managed…whatever I would never buy it BUT Somebody DOES This stock looked to be going to zero at the end of 2015. It lead the PM Complex Down . Went … Continue reading <\/a><\/p>\n
\nBut a closer Look under the Hood reveals a different story from the Leader of the pack.
\nLets look at the Daily LOG chart to see what is transpiring in ABX.<\/p>\n<\/a><\/p>\n
\n2..But really it has (so far) bottomed after just 2 months !
\n3…Bottomed where >?At exactly a 50% retrace …that’s where
\n4…Bottomed also at the TOP of the first impulse move into March which as it turned out was half way to the top
\n5…Bottomed with a false Breakout below its own Head and Shoulders neckline
\n6…Bottomed after a Gap down and now has held above a recent Gap UP ( Island Bottom)
\n7…Now has been in a stealth 5 week uptrend which has taken it thru the 2 month Downtrend
\n8…After loosing the 50 dma and the 200 dma it is now comfortably above both..without triggering the death cross.
\n9…note the 2 blacklines forming the triangle..The price dropped below the apex and then climbed back above it .Rambus calls this an around the Apex move…usually very bullish.
\n10….Now at some obvious resistance at $19<\/p>\n
\nZoom In…. Maybe something like this…a small down move to create another Inverse H and S
\nThen UP to new Higher Highs<\/p>\n<\/a><\/p>\n<\/a><\/p>\n