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[123tom]

Pretium bounces into resistance zone.

it could push a little higher here,into the resistance zone that started at 10.00,runs toward 10.80,but careful now,it might have ended here at yesterdays 10.09 peak.
But from this resistance zone (10.00-1080) might come the next downwave, as Wave C or wave 3, (I favor watching it as a "wave C")
and the basic fib target zone is 7.30-7.00 as the 'dip to buy'

This is a lengthy analysis, I hope it helps those who want to study the fine details.


In this giant 2016 rally (from the 4 dollar bottom) the entire top zone in the 12's was overbought and technically "should have" peaked closer to the 11.59 pivot peak. the 12.09 peak is worth charting as a top as well. Crafted now around the pivot "low" at 8.25,as "wave A", the geometry takes shape for the set up ,wave B bouncing now, and then wave C as the next downwave to target the 7's.

This is what the Fibonacci geometric pattern looks like to me, but theres no saying these tracks will be taken in the coming wave structure. It just has to be watched one step at a time.

This pattern is like a template,the Fibonacci blueprint,the tracks on a Fib Map,in that sense. and I'll watch how sharply (or not) the price action follows these tracks and to what targets.

Having this template map to watch now, can provide a sense of the bullish or bearish energy as it plays out. A greater bounce above the 10.60 area,like a good stronger run into the 11's will be saying something more bullish than the Fib template. and changes the tone of this picture,needing adjustment accordingly,which I would make to the next chart draw.

Conversely, if yesterday's peak at 10.09 was the End of the Bounce, and we start the bigger downwave again, then the bearish tone shines brighter in my view, and I'd be inclined Not to buy the next dip at 9 dollar area,but wait for the rest of the year to see if the tracks to the 7 dollar zone are playing out.

Watching the next pullback zone around 9.00-9.40 will be key to watch as well. Bullish tone develops IF we see the pullback hold shallow around 9.75-9.55 and begin another small rally, that's part of the bullish bounce tone, that might get the bounce into that 10.75 target area.
The template is a good road map to follow along,and use to measure the bearish versus bullish tone,as price decides which direction and which targets to travel to.

Given that the big rally from the January bottoms in the miners was SO Strangely relentless and hyper driven,with nary a pullback that fits any normal Fib pattern, I have to feel that the topping zone was way overblown on most charts...for the best example just look at First Majestic silver (AG) the hyperbolic soaring rally in a straight line, now followed by the parabolic crash down in a straight line.... its bizarre as it was artificial, and serves as a good example for what happens when a rally escapes the bounds of technical Reality .

PVG did not go hyperballistic like AG, but it did stretch too far beyond the norm in a lesser way,and now,the chart shows,among the several peaks in the 12 dollar topping zone....which one should be the real energetic top to draw the chart from....I favor the 11.60 and the 12.09 pivots as the beginning of the downwave, the finish of the upwave, and the beginning of the new Elliott down wave pattern that is ongoing now.

I keep this impression flexible in my mind, willing to adjust the vision if it starts to look like its going along very different tracks.
Studying the chart as it reaches the assorted tops,in crafting a topping zone, and seeing it rolling over now, I want to be finding the balance point,...

where does the rally flow end and the downwave begin. Where do the Elliott wave counts in the rally end, and the Elliott wave count starts in the downwave.I favor the 12.09 and 11.59 pivot peaks. Drawing Fibonacci retrace,I draw from the bottom to every peak,just to see what the different targets look like. and now, crafting all this around the new pivot low at 8.25,was the next step in the picture .

In this bounce this week,bearish tone would have stopped price around 9.30-9.45,but it bounced better than that, ,thru the 9.70 gap zone, and hits the 10 dollar target zone. I call that moderately bullish,but not extremely so because it failed this week to reach the key moving average at 10.35/10.40...That's still a target for next week, maybe. maybe not. I like that target as a finish target for the bounce, but the zone is 10.00-10.80,and anywhere in between.

Now in the soonest pullback,if we get one now,there are key target markers collected around the 9.45-9.35-9.25 area,with 9.15 as a cautious critical holding line for any continued bounce to try and retarget the 10.60 topping zone.

But this pullback can become a whipsaw battlezone,from 9.20 to 9.75...and fail anywhere in this zone, might generate the Wave C downwave that retests the 8.00 zone but has 7 dollars in mind.
The resistance bounce zone up at 10.40 area,is a major retrace target area ,a shoulder zone, for the whole chart, and a big resistance point waiting to generate the short attack to come.

It would be an early start for the big downwave yesterday at 10 dollars. So now, with the pause here at 9.90 area, PVG is waiting to see how much selling generates from here to take it down,or how weak the selling is here, might only pullback shallow, to say 9.75 area...that's the bullish tone stepping in there, as a wave 4, that generates the next final rally in this bounce, to target the 10.40-10.75 topping target zone. ...and that's a cautios traders sell target,... forget watching to see if it hits 11 and higher. Its Pullback time for 2016, after an outrageous rally hyperbolic, that needs a big pullback, and many miners are doing just that, some,like First Majestic are serious about that. others are just starting ,half way finished, and waiting for the next downwave to start. I like the idea of an ABC downwave pattern. and seeking the lowest possible targets on the Fibonacci pattern. For PVG that means seeing the 7 dollar zone as being in play in this pattern.

IF the 2016 rally for PVG had stopped at a more normal topping zone, that might have been as low as 10 dollars, in the 10.00-12.00 area. There are pivot peaks at 10.09 and 10.80 on the chart,and those are the shoulder targets of resistance now that I'm waiting to sell at. The next stair step peaks you can see on the chart, above the 10.80 runs to the 12 area,and all those pivot peaks 12.40/12.24/12.09,etc...the technical energy was magnetizing around that 11.59 peak. so I like the 11.59 pivot peak as a top to chart from.