Jubilee enjoyed a stellar run from the March 2020 bottom as commodities boomed globally.
The share price appreciated more than 10x from 37 zac to peak at R4,26.
Such a strong run was bound to cool off at some point and the share has pulled back.
From an Elliott Wave perspective I remain bullish Jubilee in the short-medium term.
The rally from March 2020 was wave (3) and I therefore label the current correction as wave (4).
The share is currently trading at the 50% to 61.8% Fibonacci retracement level of wave (3) and 61.8% is known as the golden ratio.
Price can trade lower than this region but in order for the five wave impulse count to remain valid, wave (4) must terminate above R1,28 which is the wave (1) peak.
The share price appreciated more than 10x from 37 zac to peak at R4,26.
Such a strong run was bound to cool off at some point and the share has pulled back.
From an Elliott Wave perspective I remain bullish Jubilee in the short-medium term.
The rally from March 2020 was wave (3) and I therefore label the current correction as wave (4).
The share is currently trading at the 50% to 61.8% Fibonacci retracement level of wave (3) and 61.8% is known as the golden ratio.
Price can trade lower than this region but in order for the five wave impulse count to remain valid, wave (4) must terminate above R1,28 which is the wave (1) peak.
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