(GOLD) BTG: Ready For Next Upleg ??
Uppdaterad
GOLD has been on a tear for the past month rallying from its recent low on 15/12/16.
Most gold miners have also benefited and been rallying almost from the same period.
BTG has rallied almost 40% from its 15/12 low at 2.02.
From Elliot standpoint, there are 2 possible interpretations.
Further price evidence is required for confirmation of either of the option.
(1) Double Zig Zag
BTG has completed a double zig-zag retracement which has ended at 2.02. (as shown on chart)
The stock will rally above its recent high of 3.65 in tandem with GOLD.
A break below 2.02 will invalidate this option.
(2) Bearish Expanded Flat
BTG is on course to complete a bearish Expanded Flat before reversing to bring it down below 2.02 to complete the entire correction.
A decisive rally above 3.65 will invalidate this option and confirm the bullish interpretation (1).
Most gold miners have also benefited and been rallying almost from the same period.
BTG has rallied almost 40% from its 15/12 low at 2.02.
From Elliot standpoint, there are 2 possible interpretations.
Further price evidence is required for confirmation of either of the option.
(1) Double Zig Zag
BTG has completed a double zig-zag retracement which has ended at 2.02. (as shown on chart)
The stock will rally above its recent high of 3.65 in tandem with GOLD.
A break below 2.02 will invalidate this option.
(2) Bearish Expanded Flat
BTG is on course to complete a bearish Expanded Flat before reversing to bring it down below 2.02 to complete the entire correction.
A decisive rally above 3.65 will invalidate this option and confirm the bullish interpretation (1).
Kommentera
BTG is in a important price zone to determine which option is the best fit.In terms of price and indicator momentum, the preferred count will be the Double Zig Zag where the correction is completed and the stock is ready for its next phrase of upside.
A 3 wave set-back from the current price zone will give further evidence that the correction is completed and a strong upside will be awaiting.
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