There is not too much to add to the commentary as this correction remains far from over and could take a good few weeks, if not months, to complete.
Use all the rallies to take profit but keep a core long as the major trend/cycle is up.
Let the market come to you, and don’t chase it, as dogs that chase cars end up being run over.
If you are lucky enough to see a move sub $12.40 (November 21), own it for the LT.
This market is playing out more and more like a triangle keeping everyone bullish at the top and less bullish at the bottom.
The good news is that this is a fantastic selling opportunity with a stop loss over $14.20 and targets at $12.61.
This trade gives you a RR of 5 /1 and in anyone’s book, a bet worth taking!
In the big picture, I want to own this chart for the LT from $12.40 -$11.60!
All I can say is, at this stage, this chart can come off to the $0.5531 level.
I would only get long under $0.58 in any size.
If this view is correct, there should still be a move back to $1.10.
I love this chart, but in it’s current guise I would allow it to play out for another week or 2 as we could be headed well lower.
I am not sold on the fact that this chart will take out the double tops and rally from here.
What I will say is that should we have a weekly close over R7700 the chart should print R8400 fairly quickly!
Well, the downside did not last very long and based on the current formation one cannot be short at all.
As things stand I am struggling to see this chart not make ATH’s.
There is literally nothing I can change on this chart’s commentary.
The correction seems to be playing out as per the road map, and I would profit from the rallies until further notice!
I feel that this correction will play out over many weeks, if not months and that waiting for the market to come to you is the key to putting together a decent long position at the proper levels.
Sub $0.50 is still on the cards.
I feel the correction is over and that all dips are buying opportunities.
I remain in love with this chart (even though most think it’s the dog with fleas) and believe being long will be the best ST win!