To my mind, this is still a normal healthy correction.From the...

To my mind, this is still a normal healthy correction.

From the time AZH kicked off on this great run in July 2010, I count 5 upward legs:

- July 2010 to December 2010
- March 2011 to April 2011
- June 2011 to September 2011
- September 2011 to November 2011
- December 2011 to March 2012 (so far).

The retracements of each of these legs has been as follows:
- 54.3%
- 64.4%
- 59.4%
- 66.6%
- 60.9% (to today’s low at 67c)

So far, the current correction has been just about the average size of the other four.

Interestingly, the only two times a correction has exceeded 61.8%, it did so for just one day (and, obviously, that day marked the commencement of the next upward leg).

So while I, like many others, am kicking myself for not taking some profits in the 90s, I don’t view the slide from the 99c peak as the end of the uptrend. Of course, It may turn out that it is, but so far there is nothing to suggest that it's anything more that a correction.

I for one am hoping that the 61.8% retracement (at 65.5c) will be as far as this correction goes. Or, if it does go through this level, it does so for only one day (as it has twice previously).

We will soon find out.