Newmont has gained nearly 7% since Thursday, but don’t get your hopes too high that it will somehow avoid diving to the 34.68 target we’ve been using. Notice how buyers chickened out at the peak of yesterday’s would-be moon shot. One more nickel would have gotten them past the 40.68 ‘external’ peak that I’ve labeled, refreshing the bullish impulsiveness of the lesser charts. Alas, now they are in a duel with bears, and although the burden of proof rests with the latter at the moment, the bulls have ceded much of their edge.
