I come to love PVG. Ive been the victim of owning an entire portfolio of miners, since 2009. bought from 2009-2012,mostly, and watched them go soaring in 2010 and collapsing since 2011. Imagine watching yourself get 150 k richer, in 4 months, then seeing it all evaporate in the next year, then rally again, and now collapse in 2013. taking away all profits. now looking at big losses in miners. Ive learned to hate the miners. Except for one....PVG
I might keep some EGO,AUY,KAM (kaminak) but PVG is the only buy and hold now.
The bottom zones don't worry me,its watching the next top zones, around 8 and 9 dollars that will tell a lot about PVG. I don't mind trimming a little , as long as I buy it back at the big pullbacks.
When I do a technical math exercise for price targets, I start at the bottom and measure the first rally wave distance . But its a tricky exercise with PVG because where do we start the bottom? 3 dollars?? no, I don't want to start at 3 dollars. That bottom plunge was an aberration.
with a little clever imagination and looking at other price points, candlesticks, Bollinger bands, and pivot points, and a little common sense...I'd rather call the 'bottom' price point somewhere around 4.40. maybe 4.50, and do some math from there.
I like that odd measurement device, that says " take the distance movement of the first wave rally , and
add 162 % to the price move. and that's the completed rally target zone."
I do that exercise all the time and its pretty amazing how often it hits that target zone. I have to say maybe 80-90 % of the time.
so I use that tool.
IF we say that the PVG real bottom point is 4.40
starting there, we got a rally wave that first topped on Dec. 13 at 6.19 call it 6.20
that move, which looks close enough to a wave 5 top, which came from a wave 4 sliding pullback, which came after the big surge , enough of it looks normal to say the 6.20 top is a completed wave 1.
so I take the measurement from 4.40 to 6.20 and lets do the math and see what it looks like. (we can do it over and play with different bottom start points if need be)
ok.
4.40 to 6.20 = 1.80
add 1.80 (100%)
add .90 (50%)
add .18 (10%)
add 4 cents (2%) to make it 162 %
total = 2.92...call it 3 dollars
add 3 dollars to 6.20 ..... gives the completion target zone around 9 dollars - 9.20 area
and that's about all that exercise can show for right now.
If you go look at the long term weekly PVG chart and see what kind of stuff exists around that 9 dollar zone. It begins to look like something,worth paying attention to or not. I know the 8 dollar zone will be important resistance to overcome.
maybe 9 will be too.
The last clear pivot bottom was 4.80
a double from there targets 9.60
long term resistance steps to overcome..... 8/9/10 and then 12
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