[Master Thread] Charting, page-176

My thoughts on current price action from a charting perspective.

As previously covered, I am looking at this from an Elliot Wave perspective - whereby we completed Wave 1 in April taking us from 5c in May 2020 to the April 2021 high. Hence we are in a corrective Wave 2 which to date has seen a low of 28c - approx. 50% correction of Wave 1. On an hourly chart, I am looking at the recent price movements from that 28c low as corrective and seems to be a classic 4th wave flat structure as the final leg of an overall ABC Wave 2 corrective pattern. Hence, on my current count we have on more down-leg to a new low (under 28c) before the five wave "C" leg this correction is complete and we move into the fun part of the longer term count - Wave 3!!

Here is my current count on the hourly chart. We may see a classic MACD divergence with the final down leg (ie a lower low on the share price chart but a higher low on the MACD chart) which is a strong signal to the end of a trend - and the current MACD pattern on the hourly chart seems supportive of that outcome. I find these divergence patterns useful to determine turning points in a share - a great example was the MACD divergence on the daily chart when the share price for MNS peaked in April but also saw a significant MACD divergence between the MACD peak at the January high and then a lower MACD peak with the April high.

The above is purely for interest and should not be relied upon for trading purposes. I use fundamental analysis as my primary investment tool, but enjoy overlaying technical analysis as a further guide as to where we may be on the share price journey.

GLTA and DYOR.