[ABX] update

At the backlink I provided this model:


As of Friday we pretty much exactly hit my price target for a bottom and the wave count looks right as well.  This turned out to be a wedge so it is 3-3-3-3-3 internally.  We had the throw under at the lower rail and are now kissing it from below.  A small upward move would break above both the bottom and top rail of the falling wedge to indicate the next wave up is in progress.

However another small 5 wave move down to $5.80 is not off the table to finish W3 yet.

If this model is correct, the move up will be limited to 3 wave which will probably be limited to the 38.2 fib retracement.  If that occurs then one more motive wave down would be expected as shown.  In this case, wave 5 should finish up around $5.

Folks, if we are lucky enough to see this perfect of a setup, I can tell you that I will be set up on the edge of the clearing with dual .50 cal cannons waiting for the herd to walk into my sights.  I will be on the juniors with all the margin I can get with very tight stops. 

If this move happens per the model, this very, very likely (95% odds) will be the low, the final bottom, of the 2011 bear market in precious metals.  The miners are clearly in a great depression right now.  Barrick was at $56 during the 2011 peak in gold.  Now it's $6.42.  That's an 88.5% collapse in price.  Sure it could go lower but you will not go far wrong beginning to accumulate at this price.