$JSEANG - Anglo Gold Ashanti: Zigzag Or Impulse Down?
The last analysis on ANG was on 26.05.2023, link below.
The stock traded as forecasted but is now at an interesting juncture.
The sell-off from 55688 has entered bear territory as the stock is now more than 30% off that high.
The bear move has unfolded in three waves which I have labelled tentatively.
The ABC implies an almost complete zigzag whereas the 123 is part of a five wave impulse.
Future price action will provide more clarity on the outlook, for now I will sit on the sidelines.
The stock traded as forecasted but is now at an interesting juncture.
The sell-off from 55688 has entered bear territory as the stock is now more than 30% off that high.
The bear move has unfolded in three waves which I have labelled tentatively.
The ABC implies an almost complete zigzag whereas the 123 is part of a five wave impulse.
Future price action will provide more clarity on the outlook, for now I will sit on the sidelines.
