Since reaching an all time high of R262.93 in March 2022, the share price of Gold Fields has retraced more than 40%.
The retracement appear to be unfolding in five waves with the sideways movement from June 2022 fitting the triangle pattern profile.
Triangles are found in wave 4 of impulses and this implies that GFI is in its final wave down to complete the five wave sequence of an impulse.
Strong support is found at R118.00 which could be a price target for wave 5.
A break above R162.23 will be the strong indication that wave 5, and subsequently the entire five wave sequence down is complete.
The retracement appear to be unfolding in five waves with the sideways movement from June 2022 fitting the triangle pattern profile.
Triangles are found in wave 4 of impulses and this implies that GFI is in its final wave down to complete the five wave sequence of an impulse.
Strong support is found at R118.00 which could be a price target for wave 5.
A break above R162.23 will be the strong indication that wave 5, and subsequently the entire five wave sequence down is complete.
