Monday, April 24, 2017 2:00:09 AM
A look at Great Panther
GPL....
you can see how it made two mega rallys, not just one. most miners made just one in 2016, but a few miners, and GPL is one of them which made the big collapsing pullback last fall, but then made a big recovery again, and now ,what does it do after that? before folks get all excited about a darling looking miner.... it comes plunging down again.
whats the problem? the real topping zone as a finished rally is really the 1.50-1.60 area. Everything Above that is hyper bubble overblown, that hits the "Wave 3" target zone. Its way too high way too fast, and becomes a traders dream trade to pump up ,sell the top and short attack it down.
Trying to count the Elliott wave pattern in this kind of chart is complex. What Elliott wave pattern is looking for in a rally pattern, is a set of 5 waves. (In actual reality, what often happens is we see a set of 7 waves,not 5. but the idea is to find 5 to a completed target topping zone, and that's the zone for the finished rally. But in reality, it can be a lot more complex to see what the pattern playing out is really doing.
When you start with 2 major technical tools to use together,and you want to combine them both into the mix and see if they work well together, Ive found these 2 tools to be very interesting in how they show a certain kind of picture, and sometimes it looks like one of those distortion mirrors at the carnival.
In trying to count the Elliott wave pattern for GPL, what this chart is showing, what the price waves actually did, was a complex combination of two different wave patterns playing out simultaneously in a very incongruous ,locomotive manner. very hard for the average wave counter to see, but this kooky way of seeing it works for me.
and this is the pattern on this chart, that started from a 40 cent bottom, actually 30 cents in 2015 but I'm starting GPL at a 40 cent bottom in January 2016 when all the miners jumped at the same starting gun blast. 40 cent Bottom.
The 2 major tools I'm using as the lens to see thru are the Elliott wave counting system, and the Fibonacci mathematic tools.
Without going into a 10 page explanation, suffice to say that when you look to count the rally to a finished top, youre looking to see a set of 5(or 7) waves. and they have a particular shape as well.
The biggest rally surge portion should be the "Wave 3" , followed by a sideways slide,as "Wave 4" and then the next rally to higher highs becomes the "Wave 5" and should start to reach to targets shown by the Fibonacci tools. These 2 tools work well for me.
Ideally, you want to see that familiar 5 wave pattern that looks familiar to the trained Elliott wave eye. But sometimes something strange looking takes shape on a chart like this one. The rally goes way too high than the targets are showing. There is that image that looks distorted in the circus mirror. and the distortion can become a set up for a great collapse down, (which is what happened to GPL....twice.... and twice went the hyper bubble rally, and twice went the collapsing plunge down.
When you plot the math targets on the chart with the Fibonacci tool, and it shows you this picture....what it says to me is we have one of those complex patterns, that are flowing two different channels .... At the same time... combining different Elliott waves at the same time, and the puzzle is to look at both patterns, and see how they interweave together and play out at the same time.
Ideally, when a rally (or downwave) pattern plays out in classic Elliott shape, you should see a first rally wave to a Fibonacci target point, followed by a 50 % pullback, as "Wave 2", followed by the larger rally as "Wave 3", followed by the sideways slide ,as "Wave 4", followed by the final rally to the Fibonacci target zone. That would be ideal, and the waves should play out like that ....but in this chart of GPL you can see where the Fibonacci targets are. some got hit and others did not yet. some got hit in the giant rally that Should not have gone that far so soon and so fast. and in this GPL chart, it happened Twice,2 hyper rally surges AND 2 collapsing downwaves..... its pretty kooky this Great Panther, so popular, a darling silver miner subject to the volatility of wall street games and pump it up sentiment, a traders and short attackers dream money maker...there are a handful of darling miners that make a lot of money like this for traders and wall street super computers and short attackers.
What I like about examining this GPL as an example is that all this bizarre price action pattern , has followed sharply the Technical mathematics, and in that sense, it becomes a good trading vehicle , reliable in finding and sticking to these targets,like its been doing.
What this chart is showing are the Wave 1/wave2/wave 3/wave 4/and wave 5 target areas, but the process of how it got there to these targets has been the bizarre part of the pattern.
It has been a combination of a rally that looks like this in Elliott wave counting...remember I said Ideally you want to see the classic shape show wave 1 rally,wave2 pullback, big wave 3 rally, sideways wave 4 slide, then wave 5 rally,to the Fib target.
What GPL has done since January 2016 to the present has been
wave 1 rally, all the way to wave 3 surging target zone,then a plunge down to wave 2 pullback zone, then a rally wave 3 target zone again,and followed by a plunge back to wave 2 target zone, in the greater pattern that should play out over a much longer time frame, its as if The wall street game has taken GPL and twisted it into 2 giant rallies, 2 giant collapses, without generating any wave 4 or wave 5 .... (wave 5 target zone is 3.25 area) this is a bizarre twist to the Elliott pattern.
Instead of a wave pattern(1-2-3-4-5) we see a pattern (3-2-3-2) on a larger time frame,like it has concentrated a 3 year pattern into 1 1/2 years.
In any case, what this chart tells me now is that the finish target zone is 3.25 area, this major pullback has a decent looking "buy zone" around the 200ma at 1 dollar, I like the lower targets around 85 cents, but anywhere here looks ok for a trade entry , to retest the 2 dollar zone (wave 3 area) and could become a nice trade at least a double back to 2 dollars ,but a finish target zone closer to 3 dollars. something to consider if any of this means anything.
I might just buy a little if it falls to 90 cents. maybe 1.00
GPL is a darling for the traders to play with.
GPL....
you can see how it made two mega rallys, not just one. most miners made just one in 2016, but a few miners, and GPL is one of them which made the big collapsing pullback last fall, but then made a big recovery again, and now ,what does it do after that? before folks get all excited about a darling looking miner.... it comes plunging down again.
whats the problem? the real topping zone as a finished rally is really the 1.50-1.60 area. Everything Above that is hyper bubble overblown, that hits the "Wave 3" target zone. Its way too high way too fast, and becomes a traders dream trade to pump up ,sell the top and short attack it down.
Trying to count the Elliott wave pattern in this kind of chart is complex. What Elliott wave pattern is looking for in a rally pattern, is a set of 5 waves. (In actual reality, what often happens is we see a set of 7 waves,not 5. but the idea is to find 5 to a completed target topping zone, and that's the zone for the finished rally. But in reality, it can be a lot more complex to see what the pattern playing out is really doing.
When you start with 2 major technical tools to use together,and you want to combine them both into the mix and see if they work well together, Ive found these 2 tools to be very interesting in how they show a certain kind of picture, and sometimes it looks like one of those distortion mirrors at the carnival.
In trying to count the Elliott wave pattern for GPL, what this chart is showing, what the price waves actually did, was a complex combination of two different wave patterns playing out simultaneously in a very incongruous ,locomotive manner. very hard for the average wave counter to see, but this kooky way of seeing it works for me.
and this is the pattern on this chart, that started from a 40 cent bottom, actually 30 cents in 2015 but I'm starting GPL at a 40 cent bottom in January 2016 when all the miners jumped at the same starting gun blast. 40 cent Bottom.
The 2 major tools I'm using as the lens to see thru are the Elliott wave counting system, and the Fibonacci mathematic tools.
Without going into a 10 page explanation, suffice to say that when you look to count the rally to a finished top, youre looking to see a set of 5(or 7) waves. and they have a particular shape as well.
The biggest rally surge portion should be the "Wave 3" , followed by a sideways slide,as "Wave 4" and then the next rally to higher highs becomes the "Wave 5" and should start to reach to targets shown by the Fibonacci tools. These 2 tools work well for me.
Ideally, you want to see that familiar 5 wave pattern that looks familiar to the trained Elliott wave eye. But sometimes something strange looking takes shape on a chart like this one. The rally goes way too high than the targets are showing. There is that image that looks distorted in the circus mirror. and the distortion can become a set up for a great collapse down, (which is what happened to GPL....twice.... and twice went the hyper bubble rally, and twice went the collapsing plunge down.
When you plot the math targets on the chart with the Fibonacci tool, and it shows you this picture....what it says to me is we have one of those complex patterns, that are flowing two different channels .... At the same time... combining different Elliott waves at the same time, and the puzzle is to look at both patterns, and see how they interweave together and play out at the same time.
Ideally, when a rally (or downwave) pattern plays out in classic Elliott shape, you should see a first rally wave to a Fibonacci target point, followed by a 50 % pullback, as "Wave 2", followed by the larger rally as "Wave 3", followed by the sideways slide ,as "Wave 4", followed by the final rally to the Fibonacci target zone. That would be ideal, and the waves should play out like that ....but in this chart of GPL you can see where the Fibonacci targets are. some got hit and others did not yet. some got hit in the giant rally that Should not have gone that far so soon and so fast. and in this GPL chart, it happened Twice,2 hyper rally surges AND 2 collapsing downwaves..... its pretty kooky this Great Panther, so popular, a darling silver miner subject to the volatility of wall street games and pump it up sentiment, a traders and short attackers dream money maker...there are a handful of darling miners that make a lot of money like this for traders and wall street super computers and short attackers.
What I like about examining this GPL as an example is that all this bizarre price action pattern , has followed sharply the Technical mathematics, and in that sense, it becomes a good trading vehicle , reliable in finding and sticking to these targets,like its been doing.
What this chart is showing are the Wave 1/wave2/wave 3/wave 4/and wave 5 target areas, but the process of how it got there to these targets has been the bizarre part of the pattern.
It has been a combination of a rally that looks like this in Elliott wave counting...remember I said Ideally you want to see the classic shape show wave 1 rally,wave2 pullback, big wave 3 rally, sideways wave 4 slide, then wave 5 rally,to the Fib target.
What GPL has done since January 2016 to the present has been
wave 1 rally, all the way to wave 3 surging target zone,then a plunge down to wave 2 pullback zone, then a rally wave 3 target zone again,and followed by a plunge back to wave 2 target zone, in the greater pattern that should play out over a much longer time frame, its as if The wall street game has taken GPL and twisted it into 2 giant rallies, 2 giant collapses, without generating any wave 4 or wave 5 .... (wave 5 target zone is 3.25 area) this is a bizarre twist to the Elliott pattern.
Instead of a wave pattern(1-2-3-4-5) we see a pattern (3-2-3-2) on a larger time frame,like it has concentrated a 3 year pattern into 1 1/2 years.
In any case, what this chart tells me now is that the finish target zone is 3.25 area, this major pullback has a decent looking "buy zone" around the 200ma at 1 dollar, I like the lower targets around 85 cents, but anywhere here looks ok for a trade entry , to retest the 2 dollar zone (wave 3 area) and could become a nice trade at least a double back to 2 dollars ,but a finish target zone closer to 3 dollars. something to consider if any of this means anything.
I might just buy a little if it falls to 90 cents. maybe 1.00
GPL is a darling for the traders to play with.
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