Barrick Gold: 520% possible Move
Updated
Many traders believe that investing in a wide variety of assets is the best way to achieve optimal diversification. However, we disagree with this notion. It's the correlations that matter. Holding 20 tech stocks, for example, results in a high correlation among investments, offering little in terms of true diversification. Therefore, we're also looking at a gold mining stock, Barrick Gold Corporation. Although it's a Canadian company, we're analyzing it based on its performance on the New York Stock Exchange, as it provides a longer historical view.
Contrary to other stocks, Barrick Gold presents a different picture. Since July 2020, there's been a significant decline, which is contrary to the overall market trend, indicating this stock moves inversely to the broader market. We're in Wave III, having concluded Wave II at $5.91. We expect to surpass the all-time high of $56 significantly. The Wave 2 of the subordinate Wave (3) has already concluded, and we didn't make an entry, as this was already completed at $13 on the daily chart. However, we've returned to this level and have now completed the smallest wave structure, also marking the end of a Wave (ii). We must not fall below this point, as it would indicate the subordinate Wave ((ii)) is incorrect. Additionally, falling below the $13 mark could potentially invalidate the entire scenario. We'll place our stop-loss below the 88.2% retracement level, as this represents our last plausible point for a market turn.
Contrary to other stocks, Barrick Gold presents a different picture. Since July 2020, there's been a significant decline, which is contrary to the overall market trend, indicating this stock moves inversely to the broader market. We're in Wave III, having concluded Wave II at $5.91. We expect to surpass the all-time high of $56 significantly. The Wave 2 of the subordinate Wave (3) has already concluded, and we didn't make an entry, as this was already completed at $13 on the daily chart. However, we've returned to this level and have now completed the smallest wave structure, also marking the end of a Wave (ii). We must not fall below this point, as it would indicate the subordinate Wave ((ii)) is incorrect. Additionally, falling below the $13 mark could potentially invalidate the entire scenario. We'll place our stop-loss below the 88.2% retracement level, as this represents our last plausible point for a market turn.
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What a rise by Barrick Gold since we bought some shares at the end of February 2024. Patient pays off most of the times and so also with Barrick Gold. We are now up over 33% with this stock and we are very happy with this last second entry before the stock took off.
Gold is rising higher and higher and Barrick Gold is following. Still after every rise a setback major or minor will happen sooner or later and we definitely not getting greedy here.
We are going to take our first profit here and move our stop loss break even if we are going to reenter with a second position we are going to let you know with a new limit.
For now we are just enjoying this setup and profit. Let's keep this going 🔥
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Discord (Crypto + Stocks) - discord.gg/G9c5TGETt2
Telegram (Stocks only) - t.me/+U7KhRNv61XczZmQ0
💯 Free
✅ Swing & Intraday Trading
✅ Chart Requests
✅ Everyday more than 4 posts
✅ Total <1100 Members
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