Newmont: Fibonacci Count

Reversal Posting Fibonacci Sequence

In what seems to be a surreal exercise, waiting to see what’s going to happen next, Newmont (NEM), is posting Fibonacci counts in its nascent reversal (thus far).

The usual suspects are out on YouTube … touting the next bull move in gold and the miners.

However, the market itself is saying it’s not convinced.

This is another brief update to show Newmont has apparently reversed; posting Fibonacci counts on the initial downswing and what looks to be the upward test.

Newmont (NEM) Daily Chart With Fibonacci Count(s)

It’s up to the market itself to say today was the top of the reversal test … or something else is going on and we may indeed have the gold miners in the beginning stages of a bull move.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279

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