interesting comments. Have been in and out of this one for years. It's a play, not a life long love affair. I am not optimistic that Goldcorp will drop back to 40 again this year. It has been building a base in the high 40's for sometime now. The 52 week high is now sitting around 55 and change.
a comprehensive technical analysis of the GG chart. daily and weekly charts . Lets start with the triple tops at 55 area. and the weekly 200 MA at the 40 area. Add in the elliott wave counts,and you can start to make a good case for another sizeable wave down to at least 4o and even 37 area. hard to imagine but .....it was also hard to imagine silver plunging from 50 to 26 like it did.
well, there's no harm in hoping for a drop to pick up some cheap shares. Certainly it has had wide swings in the last 3-4 years. That said, it looks to me like we will test 55 before we go anywhere near 40 again.
I might just agree with you.
It might take some luck to get down to 44.
I'm mad at myself for selling 42 cause I was looking at targets around 37. sometimes Technical analysis can be as much a devil as an angel.
makes me wonder: are stocks like women? Is that why we want them? lol
with a close at C$54.30 today, we can expect to see the price slide through $55 tomorrow. If TF's latest analysis holds up, we could be closing on $60 before the month is out.
Almost all the miners got slammed down today,as often happens. But Goldcorp is interesting in the way it got smacked down.
Opened down hard to 52 and change, immediately got bought strong for a big bounce , held the bounce in the next wave action and rallied back to the high tops retesting 54 BUT failing to hit 54 for the 14th time, at 1:10 pm .... began a slam down for the rest of the day, like it was a Big Loser.
as if That will teach the long buyers a thing or two.
I look forward to buying more at 45.
Buy Low/ Sell High isnt that what they say.
Even with the core long term holdings it seems.
Oh yeah..... the Pinbar. Do you know what a pinbar is ??
Look at the weekly chart for Goldcorp. As of now, with todays price action....has created a Pinocchio bar. which means a decisive severe rejection of the 54 price point and a foreboding forecast for a big downward movement. IF.... the week ends this way with prices below 52. and the Pin bar stays a pinbar. need to see friday close first.
I see no reason why price cant fall back to the 45 area , and even there is not as much a bargain as 42 and 40.
A range is a Range is a range.
One last thing about todays Candlestick .....looking at the last year of daily candlesticks.....there is Not One other candlestick that looks like todays candlestick. whats it called....and inverted Hammer? or something like that, at the top.....not good.
52 top zone .... next stop..... 47 low zone
45- bargain zone
42-40 screaming buy zone
give it two weeks or so to get there.
Buy a little bit Low and buy lower still.
buy lower in the spring.... and lower still
I also could be wrong if 50 holds up. here.
always a tricky game.
tell you what, if you are right, I'll be loading on a bunch more. Bargain prices are always welcome. However, the charts are saying one thing, but the EE is the prime mover of the needle. The slapdown was foretold - go read Harvey Organ from a couple nights ago.
the fundamental manipulation continues as part of the game. and theres nothing we can do about that aspect of it. I'm just trying to look at technical analysis and see if it shows me something . sometimes it does.
Ive just become more certain as time goes on, that the only sensible way for me to 'play' this market investment game is to Only buy a stock when it goes way down to its lows. and for Goldcorp,in particular, one of my 3 most essential stocks to own, the target area is below 46 and closer to 40. the bottom of the range. A severe market collapse could send GG down to even the lower pivot points like 37 and 34 .
Goldcorp's surge today, (along with All the miners) , is so far erasing the 'pin bar' that was developing this week. A close well above 52 will achieve that.
The price action in the last few days for Goldcorp, here at the top area, After a volatile plunge,whipsaw earlier in the week, and plunge again thursday and whipsaw back up friday to retest the 54 area...... this price action is very similar to what happened in the 56 top in the first week in september. whipsaw volatility at the top ,and then Dojis to fortell a reversal down.
If we see Dojis at this top area in the next few days for GG, beware a reversal Down.
The 200MA and the 50 MA are both tied at the 49 area, so its hard not to call that the pullback target now.... as well as it being a basic 50% Fibonnacci retracement zone.
But for my sense of this range formation of 54-56 highs and 42 - 46 lows ....I'm inclined to wait and see how low the pullback might go,below 49 and closer to 44 -43 area for a bargain to buy. The top zone is showing a head and shoulders now. the bottom zone shows a reverse head and shoulders.... so should we call that a draw? It would be interesting to watch price action chop around the 49 price point as the line in the sand . Goldcorp is considered the best in class among senior miners by the newsletter I trust the most. So I'd love to buy me some more at 42 if it ever goes there again. In the summer I was looking for targets below 40. It didnt happen then. Maybe in spring , if the world collapses then. If markets really crash , we could see GG fall to 37 and 34. or lower still. Just something to keep in mind.
despite the recent volatility (this week especially), I remain convinced we will not see a move downward to any significant degree. Europe, the Fed, and the banking cartel will see to that.
do you mean no more GG at 40 or 42 ?
I would bet you a bag of stale donuts GG will hit 42 again , maybe in spring, not soon, but someday.
Thats where I would buy more. If miners are trading in a range.... the low zone is 40-42. its very possible,I think.
and a market crash would take it down to 30.
well, I have to admit, after the recent ECB statements, and the debacle of the EU December 11 statement, today looked like you might get your 40-42 wish. And you can keep the donutd...:)
GG has been falling with all the others..... looking at the chart this current wave down is counting like a 5 wave pattern, with the big red plunge call that a wave 3....bottomed at 44.50...ok.... and now we're getting what could be a wave 4 bounce...ok..which if this is the wave structure.....we ought to get another final wave Down next week to complete the 5 wave structure....and that would take GG to the Range bottom area 42-40 ...where technical logic strategy would say is a buy zone.
As bad as the sell off in the miners has been in the last few weeks..... the technical analysis , and wave counting has been Intact and ok.... but the selling will need to subside soon.... many miners charts are showing this pattern that can be called the end of the worst wave 3 plunge....BUT it means we Can see another drop to the completed bottom next week.
If you look at your miner charts....to see this kind of wave structure..... the big plunge down in recent days....the pause and small bounce now (wave 4) maybe lasting a few days, followed by another drop down to the next target low zone. That would become wave 5 completion. Rally would begin there....sometime next week...maybe.... if technical analysis and elliott wave counting is going to work here...this would be the forecast. sideways, now, a little drifting up,but essentially sideways....and then Down one more leg to the next level . For GG,it would mean not a low here at 44.50 but the lower zone 42-40
lets look at a 1 year daily chart . (i cant post any)
into the target zone 42 - 40
....could even slip below 40 if crazy global stuff manipulates it that way.