Golden Band Resources

The Daily Chart

On your daily chart, we can see a series of what qualifies for truncated waves in the downdraft. What we are seeing is the effect of not reporting the results from the meeting of the parliamentary committee that was published in the Canada Gazette, and the coming into force of the amendment of the MMER sched 2 to allow a tailings impoundment in Mallard Lake.

Sell-side brokers took advantage of their situation by selling millions upon millions of shares they did not first own and piling on financial risk, not just in one binge, but two really huge binges. That selling has led to the decline in the market for GBN.V shares.

But if you look at the technical structure of the share price, then you would say the formation here is almost exactly like that described in Elliot Wave terms, of Diagonal Triangles, or Wedge formations, fig. 9:

source: http://ow.ly/4ZSWg

Since, however we are in a rising trend with a diagonal triangle closing into the top of the (2) wave, very likely the resolution of the declining diagonal triangle will resolve into the direction of the rising trend.

supersize: http://www.flickr.com/photos/11747277@N07/5743636314/sizes/l/in/photostream/

stockcharts.com

We can take a step back to see what this looks like in linear scale on a longer term daily chart. The accumulation/distribution in the stockcharts.com version gives you a major clue to the extent of financial risk sell-side brokers are willing to undertake( which imo, is the wrong side of the trade ):

supersize

stockcharts.com

Corner Lake

The Corner Lake 43-101 technical report is VERY PRETTY!!

http://www.goldenbandresources.com/images/file/Corner-Lake-Technical-Report-19Apr10.pdf

Soros In The News

George Soros divested his units in the GLD ETF, which could very likely mean that taking delivery out of the GLD for the biggest holders is in vogue, as the reporting requirements for bullion are different.

Mr. Soros will probably continue to invest in gold miners as he has in the past, and is said to be imitating Sprott.

http://www.businessinsider.com/george-soros-gold-trading-2011-5

Reuters

Gold prices are up since major divestments occurred in GLD, so that could very well mean taking delivery en masse following in the footsteps of the Texas Pension fund that did so is having an effect on the gold price. Notice how Reuters is very anxious that people believe that the gold price rise is over.

http://www.reuters.com/article/2011/05/16/hedgefunds-holdings-gold-idUSN1662873620110516

-F6