ElliotWaveStudent
Long

AGI: Completion Or Near Completion Of Year Long Consolidation

NYSE:AGI   ALAMOS GOLD INC. CLASS A COMMON SHARES
* (Almost Identical To My Other Analysis Of ABX             )

AGI has been in a sideways consolidation mode since Jul 2016.
Prices have formed converging trendlines .
There are 3 short term possibilities ahead:

(1) Minuette (e) is completed and prices will rally and breakout of the long term triangle. (As shown on chart)
(2) Minuette (c) is still forming and will a new short term low below $6.01 and above minuette (a) at $5.95. Minuette (d) and (e) and will then form to complete the triangle.
(3) Minuette (e) is still forming but finding support above Minuette (c).

The 3 possibilities all point to the eventual rally to the 2016 high of $10.41 or higher.

Critical support lies at Minuette (a) at $5.95.
A break below this level will invalidate this analysis and the upterm bias.
Kommentar: AGI took Option (3) listed in the earlier post by making a lower low but finding support above Minuette (c) at $6.01.

I have labelled Minuette Wave (e) at $6.10.
Since Wave (e) low, prices have turned higher in average or above average volume.
If the triangle is indeed completed, we can expect prices to head higher first by breaking its B-D trendline and then towards its Minute Wave ((a)) at $10.41.

Critical support remains at Minuette (a) at $5.95.
A break below this level will invalidate this analysis and the upterm bias.

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