We’ve been tracking the goldminers diligently over the past months and since in trading being patient is the hardest part, it appears to be paying off as a bottom seems in place. Namely, we have a nice minute c=1.382x a extension hit, as well as the major c=1.50x a. I like it. Although minor c could subdivide the length of minute c in price and time is sufficient long and deep. CONTINUED BELOW CHART
Question now is if the whole correction is over (LOW?) or if it was only primary A, followed by B up? In the former case we can expect new ATHs over the years (!!!) to come: >$70, in the latter case we can expect a ~50% retrace, IMHO, which targets $40. This level coincides with the yellow (major) a price level. Still a whopping 285% higher than current levels (!). So my advice is to remain patient and see how the next few weeks develop and buy a decent retrace. The decline from the TOP took almost 4 years, so I expect even a retrace to $40s also to take a few years. In the case of a cycle 2 low, then the rise to new ATHs will take many, many years. So see this as a long term investment regardless what type of wave will develop.