When you are challenged re-look and re-evaluate. Per chance you...

When you are challenged re-look and re-evaluate. Per chance you may have made some mistakes in your prognosis. Here are what I have found to be intact:

1. Fundamentals have improved with the recent announcements. If there are bad news we have not heard about them yet.

2. There is a 2.5 years of price consolidation. This very firm foundation will support the SP for years to come.

3. A pullback after the first wave following a breakout is to be expected. It's called profit taking.

4. A strong pullback following a breakout after a long consolidation period is normal. It's called; (a) frustration selling - from the long wait, (b) profit taking selling, (c) some Johnny come lately selling - entered at the top end and had to sell into loses as SP retreated, (d) greed selling - anticipated new highs did not materialise so selling to take whatever profit there is after price retreated, (e) those who were late to the party selling - as they have acted on hearsay and bought at the bear trap, (f) and so on ... The Shorters? They just took advantage of the opportunities. Like the cat playing with the mouse it caught.

5. Weak support between 1.00 and 1.30 saw price declined quickly from 1.30. Not unusual.

6. SP has retraced to the FIB 61.8% level, bounced up, and move sideways. A good thing and a sign of consolidation.

7. MACD also turned positive at FIB 61.8%, A sign the trend has changed. For those who are not familiar, a trend may have changed but SP may drift in the same direction for a little longer. Usually a good time to accumulate, but not an indication of a strong buy until a second confirmation.

8. RSI is in a nice place, after coming off the low.

9. Strong support zone, and various support levels are just below SP. Indicates downside is shallow.

10. Strong gold season is within sight.

For wave two SP movement, lookout for a strong breakout from 1.20.

I'm not discounting 0.80 yet, but at this moment I see no reason that it will go there. Perhaps the great Theoj can elaborate. I stand to be corrected.

Important to DYOR. My opinion only.