ABX update

The usual then, Sept 17 2017, and now charts;

abx sept 23 2017abx  nov 7 2017

In that blog of almost two months ago we suggested that it might be worth waiting for the stock to drop to $18/$17 in order to complete a counter-trend pullback within a large A-B-C correction from the highs. This B leg has now taken more than 16 months  and has retraced more than 50% of the rise from the lows of $8 to about $30. It should be within , roughly, $1 of its ultimate target. Then the A-B-C should resume with a target of about $36. The RSI is oversold and supports the notion that a move up is next.

All of this applies also to the XAU. It’s waves differ slightly but the end result should be similar. It has potential to roughly 140 /150. See that Sept. 17 blog and below;

xau nov 7 2017

This is on a semi-log scale and consequently it looks rather compressed, perhaps also because the XAU is measured in US dollars. It is not the most elegant count by any means but is still plausible and remains compatible with above.