IAG – I Am Gold

This is a 6 month daily candlestick chart for IAG where I’ve outlined a potential short-term Bullish Impulse wave pattern. Wave 5 of the pattern appears to have just started and should hit a short-term target in a couple days around the $4.15 price mark. That would assume that the Wave 5 action is going to be similar to Wave 1. Waves like to develop in symmetry.

A pullback from the $4.15 area should find support again then around the $3.50 area. That is the short-term trade setting up that I will be trying to execute in the next 2 weeks. The $4.15 price level is a tad higher than the $4.03 Golden Ratio amount calculated by the Fibonacci Extension Tool.

Most importantly though, from a technical perspective, we want to see IAG break above the $4.11 resistance before starting its pullback. That break above before starting a consolidation will be the “nod” that IAG is ready for another uptrend after the consolidation.