$JSEAMS - Anglo American Platinum: Searching For A Bottom
Anglo Platinum is down significantly from its all time high of R2675,38 and the 14% rally of yesterday has created some market excitement.
Taking a look at the bug picture, the stock seems to be making a large (ABC) zigzag bear from the all time high.
Wave (A) was a very large and extended impulse and wave (C) is also unfolding as an impulse.
Wave (C) looks to have completed wave 1 to 3 and from R932,03 the bounce is for wave 4.
Wave 4 can push higher but for this outlook to remain valid, wave 4 must terminate below R1337,70.
I forecast one more push lower to complete wave 5 as my preferred count.
Taking a look at the bug picture, the stock seems to be making a large (ABC) zigzag bear from the all time high.
Wave (A) was a very large and extended impulse and wave (C) is also unfolding as an impulse.
Wave (C) looks to have completed wave 1 to 3 and from R932,03 the bounce is for wave 4.
Wave 4 can push higher but for this outlook to remain valid, wave 4 must terminate below R1337,70.
I forecast one more push lower to complete wave 5 as my preferred count.
