123Tom's TA study group

[123tom]

CORVF....Corvus gold.


click to see the chart



What the rally pattern looks like in Elliott Wave is a finished Wave 3, looking now for a more shallow wave 4 pullback. maybe that would hold at 1 dollar. even though the Fibonacci retrace shows targets for pullback to 95 and 85 cents. there is the 200ma around 85 area, there is the 20ma and 50 ma in play, and there is the typical plunging collapses that miners often do... waiting to happen . But Corvus had very good drill results sparking the rally and who knows if it will propel soon into the wave 5 target rally that could target 1.80-1.90-2.00-2.25 area. This could have another good rally leg to go to reach a finished cycle,around 2 dollars.. Which makes me want to buy the next big dip ,and I might get a trade from 1 dollar to 2 dollars. best bargain watching looks like that 90-95 cent zone, and this geometric chart shows the picture of that pullback. It might not fall below 1 dollar or it might. I'm betting on year end pressure in metals and miners to take it one step below a dollar and hit my buy target around 90 area. Maybe it will take a few weeks to get there. but being experienced in buying miners, I have a hard time chasing any runner that has left the barn, and chasing any miners ,and buying at the top zone like Corvus is at now. It might be a very nice miner to own, but ONLY at the bargain price. The chart has too many target markers down around 85/90 cents,for me to buy at 1.10. and the double would be from 1 dollar to 2 dollars as a trade. This is a junior explorer developer. the drill holes are good, but the development cycle will cost money, the euphoria has surged the rally, the pullback sell off could be a sharp cut when the euphoria subsides.
Show me one miner that hasn't collapsed after a soaring rally. especially early stage developer explorers. Corvus was a great trade to get in at the bottom zone 37 cents 25 cents. even 52 cents. nice miner to have on the watchlist. I wouldn't consider 1 dollar any great bargain. 85 cents is a bargain. a collapse could send this back to the 200ma around 80 cents. A sensible trade outlook would be to buy it when it touches the weekly 50ma
chart view again