Barrick Gold - Big Bearish Long Term
Updated
Complete 180 view on Barrick Gold - See linked Idea
We closed out Barrick Gold back at $25 and we have a new different perspective.
Now we see it as a double top, head and shoulder with rising bearish wedge pattern as illustrated.
All structure are pointing downwards taking Barrick Gold (Mining Stock) down to $3.25-$4
There may be another attempt at $30 to make another double top within the rising wedge bearish structure but we have no indicator of that as of today which can develop later.
Macro view.. rather we retrace to 30 or not.. sub $5 over the next few years is looking like a very probable outcome.
Conventionally we would think of this as an indicator the rest of the market (equities/crypto) would be bullish. However not in this case, there will be continue sell offs.
We closed out Barrick Gold back at $25 and we have a new different perspective.
Now we see it as a double top, head and shoulder with rising bearish wedge pattern as illustrated.
All structure are pointing downwards taking Barrick Gold (Mining Stock) down to $3.25-$4
There may be another attempt at $30 to make another double top within the rising wedge bearish structure but we have no indicator of that as of today which can develop later.
Macro view.. rather we retrace to 30 or not.. sub $5 over the next few years is looking like a very probable outcome.
Conventionally we would think of this as an indicator the rest of the market (equities/crypto) would be bullish. However not in this case, there will be continue sell offs.
Note
barrick gold still selling off beautifullyNote
Not trading Barrick Gold however its still under alot of selling pressure. Fed news tanked the markets today
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