$JSEGFI - Gold Fields: Five Waves Down, Relief Rally Imminent
Gold Fields had a stellar run from September 2022 rallying from 12662 to a new all-time high of 32652 in May 2023.
This advance unfolded as a five wave impulse with wave ((v)) being extended which is common in commodities and commodity stocks.
As expected after a five wave rally, a correction has been price decline from 32652 to a recent low of 23746 for a 27% decline.
This sell-off has unfolded in five overlapping waves which fit the profile of a leading diagonal for wave A.
There is not enough evidence yet that a bottom is in at 23746 for a relief rally but a correction for wave B is imminent.
This advance unfolded as a five wave impulse with wave ((v)) being extended which is common in commodities and commodity stocks.
As expected after a five wave rally, a correction has been price decline from 32652 to a recent low of 23746 for a 27% decline.
This sell-off has unfolded in five overlapping waves which fit the profile of a leading diagonal for wave A.
There is not enough evidence yet that a bottom is in at 23746 for a relief rally but a correction for wave B is imminent.
