MNS 0.00% 4.2¢ magnis energy technologies ltd

MNS - Chart Thread, page-353

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    For those interested in the MNS chart:

    • After breaking its Nov 21 to July 22 downtrend, MNS decisively broke that downtrend line in late August
    • We have since seen a classic charting back-test of the down trend where the old resistance now became support.
    • Note in particular the turning point back up in October which was at the intersection of the down trend line and the uptrend line from the June/July higher lows.
    • All of these collectively suggest that this breakout from the Nov 21 to July 22 downtrend is a significant move.
    • From an Eliott Wave perspective, as I have previously posted, I believe the move from April 2020 (5c) to Nov 2021 (75.5c) constituted Wave 1 which unfolded over 84 weeks. Then the move from Nov 21 to July 22 was the Wave 2 correction which unfolded over 32 week (38% of the time of Wave 1).
    • The recent chart strength and price action suggests we are in the early stages of Wave 3.

    https://hotcopper.com.au/data/attachments/4833/4833633-688aa6704ee72078b2495b043bffb64f.jpg
 
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