Hopefully not to colourful or confusing.... this is how I look at it right now.
IMO, Its very hard/ almost impossible to pick the exact point of change.....all to often I find you need to work in price zones....human emotion, sentiment and unexpected world events can drive things north and south of the exact point where Fibonacci or trend lines etc point to....I find they are just guidelines...you kind of have to go with the flow and see where emotional buying or selling takes us.
Therefore, I like to read my charts with a bit of flexibility built in and be prepared to go with the flow...."be water" as Bruce Lee used to say.
I've added comments around certain points that are of interest for me...
To me it makes sense that we may see some upward pressure as the SP tries to exit the general upward trend channel (in red) after initially jumping out on some serious post ASX 200 FOMO. Then, after achieving $1 back in January it took three attempts to break through $1 again, before new all time highs and price discovery occurred.
- Right now, a positive sign for me short term is the green 9 day EMA not falling through the red 21 day EMA.
- I'll be watching and waiting for the Bollinger Bands to really pinch up again, as this indicates a new move is coming, (up or down).
- If and when they pinch up, it will prudent to see if there is still room for the Stoch RSI to leap up, leading up to a break out...the lower the better.
For those well versed in Elliot Wave Theory, I'd be interest to know if you feel this third wave will be more or less than the second.....
GLTAH....and now lets lock down that ML and confirm 10mtpa will be the kick off number....
AVZ chart, page-13231
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