ABX: Completion Or Near Completion Of Year Long Consolidation
Updated
ABX has been in a sideways consolidation mode since Jul 2016.
Prices have formed converging trendlines.
There are 3 short term possibilities ahead:
(1) Minuette (e) is completed and prices will rally and breakout of the long term triangle. (As shown on chart)
(2) Minuette (c) is still forming and will a new short term low below $15.25 and above minuette (a) at $13.81. Minuette (d) and (e) and will then form to complete the triangle.
(3) Minuette (e) is still forming but finding support above Minuette (c).
The 3 possibilities all point to the eventual rally to the 2016 high of $23.47 or higher.
Critical support lies at Minuette (a) at $13.81.
A break below this level will invalidate this analysis and the upterm bias.
Prices have formed converging trendlines.
There are 3 short term possibilities ahead:
(1) Minuette (e) is completed and prices will rally and breakout of the long term triangle. (As shown on chart)
(2) Minuette (c) is still forming and will a new short term low below $15.25 and above minuette (a) at $13.81. Minuette (d) and (e) and will then form to complete the triangle.
(3) Minuette (e) is still forming but finding support above Minuette (c).
The 3 possibilities all point to the eventual rally to the 2016 high of $23.47 or higher.
Critical support lies at Minuette (a) at $13.81.
A break below this level will invalidate this analysis and the upterm bias.
Trade closed: stop reached
Prices have touched Critical Support.Though it has not broken support, the analysis in my view is no longer valid.
However, the bias is still to the bullish side.
Will post a new analysis when more price action is available.
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