TRX update

Tanzanian Resources, Jim Sinclair's metals exploration company, is moving with the rest of the mining herd in terms of stock price action.  So it is yet another lens with which to attempt to divine the coming action in metals and miners.  At this point it seems clear: Tanzanian has finished wave 1 up which consisted of 5 steps and then the A wave also completed.  The B wave is nearly complete and then I expect a C wave as shown before the reversal upward into a big C wave.

Zooming in we can see more detail.  The norm is for the C wave to be stronger than the A wave but I have seen cases that are within a triangle where it does not happen.  You still get 5 waves but it ends up shorter than A.  In this case, instead of going all the way back down to the down sloping support line, we could see another test of the 61.8%fib before reversing.  This would put in a double bottom or better still an inclining double bottom which would indicate that buyers can hardly wait.

Bottom line is that I expect it to catch a bid in the $2.10 range and if that fails then look for it in the $1.85 range.  As always, wave count trumps price in importance.  I have never, ever seen a the price matter more than the wave count.  Price is a consequence of the waves, not a controller of them.