Tombstone Exploration Corp. (TMBXF)

[ComstockRoyalty]

Gold Ready to Rocket - $1550 Gold

The pattern continues in Gold, with last week's move reaffirming the wave count Enda is using below. Friday's rally puts the market right above the high on the 30 minute chart established in the previous "5". The next "1" would be completed if gold pierced the $1271.21 level. After that, any retracement that holds $1259.78 further confirms a wave seeking final extensions to the $1550 area. A drop below $1247 at this point puts into question the pattern, but does not negate it.

The 4 hour chart shows a nice traditional channel with an upward bias that also respects the counts described. Note the steepness in the rally in that chart. Impulsiveness is in play now. To clarify, we identify "impulsiveness as a negative describing momentum chasing funds. But the term is not being used the same way here. The author is describing a market that is following the path of least resistance; which right now is higher. This does warn of equally violent pullbacks, but until the wave count is put into question below $1247 the short term and long term bias are aligned.

The daily chart shows the macro goal of this pattern: a "corrective" high in the $1550 area. Nothing new here. But that is what bulls want right now. And they are getting it.

https://www.marketslant.com/article/update-gold-ready-rocket-analysis