If your bullish on gold prices, Alamos could be a great proxy to invest to.
Major 5 Wave downmove was followed by a minor 5 wave correction higher towards 10$.
Now we had an ABC correction towards 6$ of this 5 wave bull move. Market formed a classical flag and broke impulsivley out of it to test 9$ resistance.
I am looking for a corrective type of move towards 7$ to enter with a stop @ 6$.
I will trail the trade with my stop, but 2 main targets are shown on the chart. The 10$ mark is a tough resistance zone. But if gold price rise, i guess its a question of time till this mark will give away. So this major correction construct can go all the way towards 15$.
Note the impuslive break of the flag, is similar to the impulsive beginning of the 5 wave move higher.
The risk:rewards is at least 1:3 and the best case would be 1:8.
Blessings and best of luck to all of you and dont take to much risk on one trade.
Major 5 Wave downmove was followed by a minor 5 wave correction higher towards 10$.
Now we had an ABC correction towards 6$ of this 5 wave bull move. Market formed a classical flag and broke impulsivley out of it to test 9$ resistance.
I am looking for a corrective type of move towards 7$ to enter with a stop @ 6$.
I will trail the trade with my stop, but 2 main targets are shown on the chart. The 10$ mark is a tough resistance zone. But if gold price rise, i guess its a question of time till this mark will give away. So this major correction construct can go all the way towards 15$.
Note the impuslive break of the flag, is similar to the impulsive beginning of the 5 wave move higher.
The risk:rewards is at least 1:3 and the best case would be 1:8.
Blessings and best of luck to all of you and dont take to much risk on one trade.
