ABX is the next move higher upon us? Take a look
as you can see below, we thought the 11-12 wave promising but the form, proportion and balance hinted of one more lower … that proved to be the case and the 9’s held. I’ve included another nice timing tool. sometimes – you have to play w/ it as nothing is perfect – you put the radius vector underneath the high instead of using the low to high vector. where the circle lands at the 3 o’clock position AND a pattern is visible you have a nice time component …
anyway, IF (always the big if) the count is correct this puppy could roll into the high 20’s and shoot for 28 believe it or not.
look to buy the first pullback …
Note, ABX completed a nice buy pattern at 11.10. the 11-12 area is promising BUT wave counts could have 1 more move lower into the mid 9’s . either way, believe the next larger move is higher for ABX. if you look at the charts below, you’ll see the ‘reason’ for the low in the 6’s.
keep this one on your radar screen.
04/11/2016 update: ABX gap up today was impressive. this puppy is on a tear ever since it closed at the low of 6.18. HA … pretty cool.
going back in time, here was the set-up.
So, again, PATTERNS fail and PATTERNS work and it’s all about managing the risk. NOTE – it went below the “actual” pattern by 60 cents or so but “ultimately” close right at 6.18 (.618) It’s a Friday and, frankly, I’m too tired to figure out “why” it stopped where it did … but, trust me, there is a reason.
have a good weekend …
PS — note, looks like a we are in a 3rd of a 3rd so a pullback “could be coming … believe 18-20 dollars is a very nice target to shoot for. Will watch over the coming weeks.