The usual then – 24 July 2012 – and now charts;
Kinross is still going down and not even near it’s target. Gold could drop to about $1156 in our estimation but not necessarily in sixty dollar chunks every day. As with ABX it is possible that K is completing a 4th wave and could therefore bounce back to about $10 before diving again.
If stopped out, we would buy it again. with a stop again at $2 below the purchase level.
Despite the time it is taking, we will stick to the idea that we are tracing out a triangle that would ultimately call for a thrust of roughly $7, bringing the high to about $20/$21. Obviously this call will become more reliable once, and if, we have completed waves d and e. From here on we should not trade below today’s lows!
Using a fine pencil, pretty well there give or take 10 cents.