Newmont mining is like all other gold producers right now- near the bottom of a historically significant sell off. You can see how it tested support, broke down through it in a 3rd wave obvious 4th to test it from below and then one more wave down to bottom in the $16 range.
That can either be wave 3 down or wave C and you can see it was formed by a falling wedge. Since then it jumped to $27, hit that resistance line and then was turned back like it was a 10k volt electric fence. It is difficult to count but that last test from below could have been 5 waves up. And so far this is only 3 waves down from there. So this could be setting up for a 3rd wave up that breaks back up above that resistance line.
One thing is for sure, there is perceived value at this level. As quickly as the herd ran away it will run back. Non traders should be cost averaging in at these levels IMO and then just buy more each month if it goes to a lower low. Forget about the short term loss here if you are not a trader because it will be very, very temporary. Few months tops. Either that or just wait to see if this turns out to be 3 down or 5 down. We will know that in the next few days. 5 down and a lower low would play right into Avi's LT bottoming scenario. M+M are going to see some kind of fireworks into the end of the year and its still not very clear if that will be a skyrocket or a dud. Should know soon.
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