We have the makings for a triple bottom. A move through .45 over the next few days or weeks would serve as confirmation and would be very bullish.The green line represents if we can bust through .45
For info on the triple bottom formation click here
10 comments:
Excellent, and I agree with you... but to show other folks that do not use or maybe not familiar with TA maybe post a Candle chart since it shows the triple bottom(TB) much cleared as the candles show the activity during the trading days. I would posy it but it's kinda hard to do it from a blackberry and I am away from a PC for the evening.
Mrstormpay,
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I improved the chart using candles as you suggested, a shorter time-frame, and drew a resistance line and breakout directionality line.
Cheers!
RE
Looking good bro!!!
Mrstormpay,
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LETS DO THIS!
Did the Seven Dwarfs use candlestick charts to light their way? (Snow White was really an investment analyst, you know...) And did they even read Nison, Rhea, Morris or Shimizu?
Inscrutable marubozu!
haha! bravo. I actually am a fan of Nison. I have his seminar on DVD. While this T.A. stuff is fun, CMM is not really a trade to me, it's more of a long term revaluation play.
I talked to Peter Ball for about half an hour today and I am feeling very confident in this investment. What a great guy - very candid and not at all a "pumper" (I've talked to enough of those!) just a real honest fellow with a mining engineering background. He confirmed the CEO search is in swing, and they are hoping to start mining Bernard Dyke in Oct and North Wall by Dec or January perhaps. He sees no obstacles to the final permitting for BD and that should be coming in the coming weeks.
I'm getting "all in" now because I don't want to miss the big re-ratings move or chase it as it comes. I think the next few pieces of news will be big. I've been there and seen how fast it can happen.
On weeks like this week, it's easy to be a little "envious" to those who are simply levered to the price of bullion itself or large caps or GDX which always go first on a precious metals breakout. But it's important to remember we have INFINITELY more leverage. Those holding only gold bullion may preserve their wealth, but CMM here is a true chance for riches.
We only need CMM to execute their game plan without any major errors and with ZERO change in the price of Gold we can get a huge 400-500% move up from here over time as we go from a 20k to 100k+ producer.
Now the fellow holding just bullion needs gold to go to 2500 from here to double his wealth.
We could easily double in a matter of days from here while gold is going DOWN with just a little good news!!!
AND if Gold DOES go to 2500 over the next 2-3 years what we could do??? I'd say 5-10 dollars / share would not be out of the question in that scenario! So how much would we beat the bullion guy who doubled?
How about if gold goes through the roof and we get a buyout bid down the road? and then a competing buyout bid? Sure it's speculation - but it's not at all out of the question. The large caps need to expand and they will do so by looking at plays like CMM.
The possibilities are staggering indeed for those who are going to keep all or a bulk of their shares along for the ride.
So yeah, short term - we may breakout a few cents, or go down a couple cents or whatever. . . but that is really not what matters. The FULL re-rating move from 20k oz /yr to 100k+ oz / yr is so massive it's worth waiting for. It puts me in a good mood just thinking about it.
Cheers,
RE
Yes Sir, I am waiting in anticipation and I am holding my "all in" shares tightly for the bull ride
I'm not sure if it is Triple bottom, or Quadruple or Quintuple or Sextuple. The point is we need to be patient. Until we see good production progress, this is going nowhere. IMHO.
Well, I'll say one thing about CMM - and sure, I'm repeating myself. I own pieces of a fair number of gold miners and explorers, and not one of them is as entertaining as this one.
I say that glibly, but also because what I see is what R_E sees - the rather incredible long-term value of this company. The wait, while a bit numbing to the backside, is nonetheless made bearable for the simple fact of this discussion forum's existence. It may not go amiss to say that a forum like this is as helpful to shareholders as it is for management and the guys putting it on the line every day. We all have a pretty good feel for the sentiment and the work being done because of what goes on here.
I'm personally glad to see an experienced chartist join our ranks. Good chart analysis need not be mythmath, but it takes some instruction to know what you're looking at. I always heard that "Figures don't lie, but liars can figure..." Charts separate fact from fiction, fear and the mullet runs that characterize the marketplace. They keep me from panicking (or tell me to), tell me when to sell part or all, when to buy, and when to go take a nap.
GLTA tomorrow.
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