AKE Chart, page-833

@GCar is on to something about US futures and AKE. It is once again tracking the S&P 500 almost exactly except that 1% is 3% in AKE. Based on my analysis of US Li stock movements overnight I got 980 for the top today (which I kind of believed, but not enough to actually move my orders which were set for my original expectation of a top around 990). BUT the bottom was meant to be around 931 (and 329 for PLS) on that same analysis, which it clearly isn't. There are fib stops at 890 910 924 931 937 and 955. (931 was from the ascending pattern). I am expecting a close between 935 and 940 today. 910, 924, and 931 have all operated strongly today, while 937 got a brief showing on the way down this morning. I'd say that the major trade movements in AKE at the moment are essentially funds which are following drivers that have little to do with anything specifically lithium. Thinking on why this might be the case I suspect that the overriding issue is expectations of how the auto industry will fair - so that expectations of an economic apocalypse that might advantage or disadvantage car sales will have an outsized impact on Li, at least at this present time. In any case the pattern of US stock movements being strongly indicative of AKE & PLS short term movements continues for the present, although for how long is a question.

On the face of it would be reasonable to assume that with the size and direction of today's candle, we are commencing wave C of the ABC correction pattern, a little earlier than anticipated, perhaps. That interpretation might depend a little on where the SP closes, but anything less than 949 will deliver a bearish engulfing candle. If this is merely a channel widening then it looks at this point that the channel bottom tomorrow would have to be around 924.