RE:RE:DNG bull wedge. Wave B up?Hey np Goldguy.
Looks like DNG broke the wedge yesterday, so if we did a measure move, that would take it to about 2.00-2.15ish, close to prev. highs, at which point, I would probably sell my position as I think this may be a 'b' wave up.
Here's my long term weekly EW count for DNG.
https://www.tradingview.com/x/EPZsYiw1/
wave I top was 2.13 back in 2011. There's a few alternate counts in there, so it looks a bit confusing. The trip down to 0.40 is either a completed II wave, or a W, with X completed recently at $2.20, and Y wave down to probe prev lows at 0.40, but I don't favor this bear count all that much, unless the $0.85-0.88 range is taken out convincingly.
The main count is wave II ended at $0.40, and we're currentin in a 1-2 1-2 count. with the green (1) and (2) complete, and (i) up complete at $2.20, and we're currently in the (ii) a-b-c correction.
See the bright purple a-b-c on chart. So the trip down to $1.35 was "a" down, and we're in a "b" up, targeting 2-2.15ish, and then a final "c" down to $1.29 to $0.88 range. There's a either a HnS or double top pattern that measures to around $0.88 range (see the 2 brigh blue vertical lines for measurement and the almost horizontal orange line is the neckline). But price can't violate 84c, or the bull count is probably wrong. Basically looking for a 3-3-5 for this green wave (ii) down.