I know its their business to promote miners...but with PVG, if there is one miner still easy to believe in, I really feel it with Pretium.
But at the same time.....2017 is a long time away. the permit to build will likely be a big catalyst for a rally.
I think this latest collapse to 4.07 , was an oversold move...the bounce happening now looks pretty good so far. Technically, the bounce could become a rally wave to retest the 6 dollar zone again....IF we see support hold around 4.30-4.40 pullback . Its worth watching the intraday price action closely now, to see where next resistance stops this bounce, and then where the pullback finds strength and holds. At the moment, that support zone I want to see , would hold and bounce at the 4.35 area, and make a follow thru rally to continue stair stepping back to higher targets. The technical bottom zone this chart was showing looked like the 4.40 /4.60/4.80 area for the longest time. there were target areas around 4.00 and even 3.75 , and its necessary to consider these points as still in play for a bottom zone retest. But thats why this Next pullback is so important now, to hold at a bullish support zone, around 4.40-4.25 area ....holding there, as a higher low, and then making rally follow through....is the bullish wave development to watch for now. Doesnt mean the danger is finished...because even a decent rally from this 4.07 'Bottom' might hit a wall of resistance around 5.40 area...and then the pullback will retest whatever low it can take price down to . See now, that the resistance zone 5.30-5.40 area showed itself in the last rollover collapse. all the stair steps above 5 dollars , will also present resistance where a rally could be finished as a First wave off the 4.07 'Bottom'.
But now, when these 'bottoms' happen, and new waves start to develop, the technical chart can be watched again, elliott waves can be counted in the new cycle, and targets can be anticipated again. The chart is already showing some future targets to watch for. IF/when PVG makes it back into the 6 dollar zone, that will likely be a worrisome resistance area where trading decisions might need to be made.
But right now, this 4.07 'Bottom' is looking like a good bargain for those who bought there. I am looking to buy some if the next pullback looks good around 4.30 area. But If I can buy more in this 4 dollar zone, I also will be looking at the idea of selling some at wave ending resistance around 6.00-6.50 area if the price action tells me to. A nice swap...to have bought a bunch at 4,adding to the Core holding, and be able to get rid of the portions I bought at 6.
The chart picture is becoming easier to see again.
showing the big hill PVG is just starting to climb...and resistance starts at 4.80 - 5 dollars now. and depending on how fast the price action moves, we could even see a classic 'pop and drop' tomorrow, as PVG is already flirting in the 4.80 resistance zone....a perfect place for the gamers to pop it and then plunge it down again to retest the 4.35 area.
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