AngloGold has been in a very week down and has developed a base.
We see the following volume signature:
- a high volume Selling Climax (SC),
- a Spring with Signs of Strength in the uptrend,
- a high volume test,
- followed by a low volume test indicating supply has dried up,
- negative divergence with OBV and price at the spring and low volume test as confirmation,
- then the markup in Phase D started, and
- the backup to the trading range.
After this action the expectation is for the Markup in Phase E to start. Looking for the first area of resistance to be at the Yearly Pivot.