If you look at ABX in US $ terms you may get a slightly truer picture. As gold and gold stocks came down, so did the Can $ and this may have a distorting effect on the miners that operate around the World (as opposed to in Canada only). In any event what is clear is that there was no triangle, just an a-b-c in the wave 4 of C position (unlike with, e.g. the XAU). This means that the 5th wave is still missing a wave 5 and that the low was actually created by an irregular b wave of wave 4 of 5 of C. The low , if we get it, targets $9 or so which is about $11.25 if the exchange rate does not fluctuate too much. A slight move up in the Can$ value would cause overlap almost immediately potentially negating this possibility. In US$ terms that would require a much larger move up of about $2.