My best effort with regard to thinking out of the box with regard to this challenging chart. This chart shows a steep ABC correction after a slightly truncated 12345 upward impulse wave. The chart has now returned to gap fill between 2688 and 2580. This area coincides with the 0.786 retracement at 2636. If there is no meaningful bounce a head and shoulder top comes into play and the target is very far down. If the share reverses this could be a H&S continuation, and the start of a fifth wave of the larger impulse waves as there is no more bullish scenario than a failed H&D. Something for both the bull and the bears.
Comment:
correction: should state start of the "third" wave of the larger impulse wave not fifth wave
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Not all gaps are closed and Sibanye has had every opportunity to do so.
Comment:
What do you know. Gap closed.
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Bears are going to have to work a bit harder to keep this share down now that fib level has been reached and gap has been filled. This may morph into a rangebound sideway pattern for now.
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I did say that bears were going to work a bit harder to keep this share down and lo and behold : *SIBANYE EXTENDS DROP TO 6.1% AFTER MORGAN STANLEY DOWNGRADE
This is a bullish development. unless the fib retracement fails to hold.
This is a bullish development. unless the fib retracement fails to hold.