Monday, August 10, 2009

Goldcorp - Canary in the Coal Mine?

Goldcorp (ticker: GG) might be the canary in the coal mine for the senior Gold mining stock sector. Today was a break of the trendline, setting up for a "C" wave plunge of an A-B-C correction. I still think we need one more plunge in senior Gold stocks to set up a good intermediate-term buying opportunity.

Here's the current Goldcorp chart (6 month intraday 60 minute chart):

We'll see, but I believe the current move in GG is telegraphing what's next for the senior Gold sector. This is a longer-term correction than originally anticipated, but the important thing for Gold stock traders is to be patient and wait for a good opportunity to buy. It's coming soon, I promise.

Wikinvest Wire