IAG - nice looking LONG setup
IAMGOLD Corporation (IAMGOLD) is a mid-tier mining company with approximately four operating gold mines on over three continents. The Company’s gold mine segment is divided into geographic segments, such as Burkina Faso – Essakane mine; Suriname-Rosebel mine; Canada-Doyon division. Total attributable Proven and Probable gold Reserves increased by 23% to 17.9 million ounces at the end of 2018.
I have been watching IAG for several months. It played out a nice five wave up fractal off the low made at $1.15 on 21 July 2015 to the top at $5.87 in August 2016. Off that August 2015 top we got a corrective (A) down – ( B ) up – ( C ) down structure.
The final wave ( C ) down should have an impulsive structure. That means it has to be subdivided into five waves. I can count all those five waves completed at this point. That means the corrective wave [ B ] down started at the August 2015 top is very close to completion. When it finds its bottom we may get another strong rally in wave [ C ] up that at least should make a higher high over the top of wave [ A ] up.