[ABX] update

I've been bearish on ABX of late and have let that translate to all M+M.  As luck would have it, I was right about that view.  But the recent 50 fib support of JNUG has me looking at ABX again for clues of a potential reversal and perhaps I have found them.  The ABX chart since mid March caught a 5 wave bid into late April which may have just completed a 3-3-5 reversal.  Now, this is down further than  I would normally like to see a retracement go - it broke down the 61.8 fib.  So maybe the bearish model will still win the day but I see a rally as being possible next week even in the bearish (green) case because I suspect that an a-b-c retracement is due at the very least.  Note that this could take one more step down to the 78.6 fib as well before finding near term support. 

Bottom line is that this chart is a bit in no man's land with possibilities on either side of the short or long equation.  But if it gaps up on Monday then you can be assured that wave 3 or C up is likely in play.  Gaps don't just happen willy  nilly.  They mean something.