Hi All
@Bilge requested i provide a chart here, so here it goes, please dont shoot the messenger.....lol
First of all, this is a very bullish chart, congrats to the folks who got on here early, lots of bags made no doubt.
I follow Elliott Wave, so going by the schematic below, MLX is due for an ABC correction, which appears is what happening now
Every single stock / indice / etf goes thru this process, so MLX is no different.
Now its possible that wave 5 up could be extended, but the indicators below dont suggest that as they are rather bearish, sloping down from high positions, what goes up, goes down in stock market land........
I have applied a fib retracement tool to get a guage where SP could land, 50/61 fib levels are very popular for reversals, there is good support in those areas, so thats my guess as to where it could land, with the emphasis on guess.
TA is not a perfect science just a guide, i dont have a crystal ball, lol.
I did a bit of DYOR on the FA of this stock, Australias largest tin producer plus good nickle prospects hey ?
Awesome, MLX looks set to benefit from the EV revolution, i dont have spare funds atm, but i am hoping a few of my other hot stocks pop in the next month, allowing me to invest in this coy.
I am also in the process of switching my super to SMSF and MLX would fit in perfectly there too.
Naturally everything is IMO, IMO, IMO, IMO
Good luck all
(20min delay)