$JSEANG - AngloGold Ashanti: Great Run, But I Count 5 Wave Done!
Anglo had a strong run since the last analysis, link below.
The rally from 23.02.2023 unfolded in five waves and price has broken below the origin of wave ((v)) of 5.
This implies that five waves 1 to 5 is complete and we should expect a correction in the stock.
I have overlaid the stock price with the spot gold price and its clear to see that the gold price has been the primary driver.
Commodities are highly cyclical so it would come as a surprise to see the share trade back towards 30000.
The strategy is short the rallies below 55688.
A break above 55688 will prompt a review of the wave count with bullish implications.
The rally from 23.02.2023 unfolded in five waves and price has broken below the origin of wave ((v)) of 5.
This implies that five waves 1 to 5 is complete and we should expect a correction in the stock.
I have overlaid the stock price with the spot gold price and its clear to see that the gold price has been the primary driver.
Commodities are highly cyclical so it would come as a surprise to see the share trade back towards 30000.
The strategy is short the rallies below 55688.
A break above 55688 will prompt a review of the wave count with bullish implications.
