GREATLAND GOLD STILL UNDER PRESSURE...Here I show the larger 'Broadening Bottom' Plot. As we have moved deeper along the Lower-Line of the smaller 'Broadening' Pattern I showed prior.
Hope for us bulls here is a cessation of declines at the 62/Fib level. Especially as we also have adequate touches of the Upper & Lower Bands of the Pattern. We also have the jump from the Down/Trend Channel (With Measured Move Targets from that Channel shown in Green).
Following its recovery we see for the first time a Back/Test of that 2-Day 150/MA & Channel Break/Out level, with a Bull 'Wedge' formed in the process. Yet we need to see a reversal pronto, as losing that 150/MA would be a gut-punch.
Targets for the 'Broadening' Plot are in yellow...
GGP trade ideas
GREATLAND GOLD STILL UNDER PRESSURE...Recall I was looking for a cessation of the a-b-c correction at the 38/50 Fibs. However, despite a bullish Havieron MRE (Mineral Resource Estimate) it has dropped lwr. I have adjusted the 'Broadening' Plots lwr-line and added the count for the c-wave.
Having overthrown that 'Broadenings' Lwr-Line which I mentioned would be a possibility it has now brought price within the 50/62 Fibs. Resulting in it positioned upon several key/Ma's on varying timeframes along with a potential completed wave-count give or take a few points.
If indeed we do have an Overthrow of the 'Broadening' Plot we should see an imminent reversal, which I would expect to pulse vigorously upwards as it being the start of Wave- (3)??
$GGP GREATLAND GOLD LOOKING GREAT IIIRecall I was hoping for a 'Running Flat' Correction after the 5-Wave advance, yet now that Wave-a has been breached I am looking for an 'Expanded Flat' Correction here. It may overshoot the Lwr-Line of the 'Broadening' Plot to fill out the 38-50/Fib Level and quickly recover. Failure to do so will target the 62/Fib.
GGP Deep DiveHere's a macro macro (1 week chart) deep dive on GGP:
- No fundamentals here, just looking at the chart zoomed way out.
- Price bounced from the 0.786 fibonacci retracement (1 week chart). A good place for an entry, but only in hindsight now.
- Looking for this level to hold ~ 9.44, and on the lower time frames it looks as though price action is trying to form a swing higher low ~10.00.
- One might want to take an entry here in the hope that this higher low plays out and we get a reversal. But we need to go to lower time frames though as to whether or not here would be good for an entry.
- There is an overhead diagonal resistance also, blue line, which is something to keep an eye on.
- Also there is clear resistance, dead centre on the RSI, which makes sense as that price action has been bearish and therefore RSI oscillating below ~50. It would be interesting to see that resistance broken down and for price action to break above the 50 line.
1 hour and 4 hour:
- The price action and ichimoku cloud indicator shows that price action is bearish. On the 1 hour there is even a bear flag forming.
If i was in a position here:
- I would feel that I might have weathered most of the down move, and a relief rally to the upside was on the cards.
If i was taking a position here, 2 options:
(1) take an entry here, and hope the higher low plays out. A stop-loss would sit below, 9.44 (and as such, your price target should reflect this in its risk/reward ratio.
(2) wait for confirmation of an entry on the lower time frames. This might look like a bullish divergence on the 4 hour, or price action unfolding long enough sideways, that you get price action and the lagging span (ichimoku) both above the cloud on the 1 hour (and for a better quality trade) the 4 hour.
Price targets
- On a quick glance, the most immediate price target for me would be 12.82, then 15.32 after that.