G'day GXY forum.
I generally don't post much in here and prefer just to lurk in the background sifting through the often well constructed Company, Industry & Macro analysis both Technically and Fundamentally.
Last entry position I got wrong and have spent time revising where I went wrong. Still hold this position as LT I don't see it being a bad entry...........and I'm stubborn.
https://hotcopper.com.au/posts/36817281/single
I provide the following TA thoughts in the good faith that HC was intended to encourage.....Collaborative Learning.
But firstly thank you to the continual steady stream of charts and meaningful TA that comes through. No need to name drop meaningful contributors as the
speak for themselves. Without a doubt they have contributed to increasing my knowledge, challenged my ideas and most importantly improved my investment strategies in a more successful and sustainable way.
I enjoy charting GXY as it provides so much continual trading activity data and a plethora of bullish vs bearish traders & investors to obtain a really succinct picture of the true driving forces behind it's SP, however I have struggled to find a macro chart trend for years with GXY until I stopped focusing on each SP peak since Sep 2015. I realised I was thinking Marco for Lithium sector but still looking at the chart in a micro time frame. i.e. annually. The three annual peaks formed a fairly easily identifiable upward trend but the remainder I was floundering somewhat.
Once I adjusted my thinking methodology, I applied Elliott Wave to an idea I thought interesting. What if the initial first 3 peaks and 2 troughs were in fact the initial 1st wave i.e Sep 2015 - Jan 2018 = Wave 1. Which would support my Marco view of the lithium industry and the Global renewable's shift away from Fossil Fuels.
I then applied the FIB Retracement to this initial 1st wave and the levels match amazingly to the 3 peaks and troughs of Wave 1 as well as the current correctional Wave 2. I have utilised the aggregate consensus of all charting personnel here and other sites as well my own principles to determine the conclusive end of Wave 2.
I then applied Trend based FIB extension to Wave 2 and the FIB levels again correlated very harmoniously.
Once this correlation appeared I immediately applied the FIB Time Extension to each of the Annual High to Low points and found the correlation timelines became relative to almost all the peaks and troughs in 3yrs!!
. The heaviest correlations occurring at the forecast conclusive end of Wave 2 and then again at my now predicted Wave 5.
The predictive Wave's 3,4,5 are obviously not preordained and this is where I would really appreciate some of the specialist Technical Analysis posters that frequent this forum to help me out. Have I utilised this theory wrong? What else should I apply or discount to confirm my theory? I fully understand there are no 100% accurate guidance and will not make any investment decision based off of advice provided.
If this idea has been covered before I apologise as I have missed it in the noise. If by some small miracle I have stumbled across the GXY future Horoscope then EAD to the manipulators that take us small folk for a ride.
. Also can I get a heart if I'm right??
I do apologise for the overly crowded chart and usually I like to simplify but I feel this GXY story has many many moving technical parts and I wanted to capture these in one picture as I see it. I have used the weekly time frame for context.
Thanks in advance to any constructive reply's.
'Ceteris paribus' & therefore my Galaxy Price Chart Prediction for the next 12 months:
