123Tom's TA study group

[123tom]

A look at the Fibonacci targets First Majestic

The math adds up pretty correctly in constructing the Fib chart . and the Elliott Wave pattern is looking at a finish rally zone around 27-29. which is a double from the latest wave Low at 14.83.
The sideways down slide of recent months since the 20 peak (forget the 24 peak) is what a sideways zig zag Wave 4 looks like. The current rally is the Wave 5 developing. and looking to reach 27-29 area. Of course it will hit resistance around 18-20 first,so theres no guarantee it will finish the Elliott 5 wave pattern. but this chart is showing a well connected Fib math construction, where every measurement from the
9.60 Bottom to the 20 peak, adds up correctly to form the correct Fibonacci picture.

A good Fibonacci construction