Good posts - I also see the move from 13c to 31.5c as an Elliot Wave 1 - the fractals in my Wave 1 count being:
i - from 13.0c to 14.5c
ii - from 14.5c to 13.5c
iii - from 13.5c to 28.5c broken up as:iv - from 28.5c to 21.25c
- (i) 13.5 to 16.5
- (ii) 16.5 to 14.0
- (iii) 14.0 to 24.5 (+10.5 = longest wave in accordance with EW rules)
- (iv) 24.5 to 18.0
- (v) 18.0 to 28.5
v - from 21.25c to 31.5c broken up as:
- (i) from 21.25 to 25.25
- (ii) from 25.25 to 21.5
- (iii) from 21.5 to 28.5
- (iv) from 28.5 to 27.0
- (v) from 27.0 to 31.5
So this suggests we are now in Wave 2, which is so far playing out to a copybook ABC correction - either we have finished the correction yesterday (not my thinking) or we have finished a minor 'abc' for the A Wave, will now see a B 'up' wave unfold and then see a final C wave down to a lower level (this is my current thinking as we have not yet reached even a 38.2% correction of Wave 1, so looks to be a little short both in price correction and duration at the moment). Note that Wave 1 was 43 trading days duration and we have only seen 5 trading days duration for this correction so far.
A 38.2% Fib correction of Wave 1 gives us a final price target of 24.4c, a 50% correction = 22.3c and a 61.8% correction = 20.1c. Personally, I am looking for at least the 50% correction level as it roughly lines up with the wave (iv) of one lesser degree low of 21.25c (which is a support level I often see come into play in these circumstances).
Then we get into what should be a Wave 3, with my targets (assuming a 21c low for this corrective wave) being:
1.618 x Wave 1 = +30c (so around 51c peak)
2.618 x Wave 1 = +48.5c (so almost a 70c peak)
Just my chartist musings and not investment advice. Fundamentals must always be the core of investment analysis, but charts help to give us guidance and signposts.
GLTA & DYOR
IMUGENE CHART. TA only, page-17869
-
- There are more pages in this discussion • 16,199 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add IMU (ASX) to my watchlist
|
|||||
Last
5.2¢ |
Change
-0.002(3.70%) |
Mkt cap ! $382.1M |
Open | High | Low | Value | Volume |
5.4¢ | 5.4¢ | 5.2¢ | $148.9K | 2.828M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
31 | 2436853 | 5.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.3¢ | 392814 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
31 | 2436853 | 0.052 |
43 | 4493294 | 0.051 |
58 | 4676760 | 0.050 |
19 | 2213068 | 0.049 |
20 | 815580 | 0.048 |
Price($) | Vol. | No. |
---|---|---|
0.053 | 392814 | 5 |
0.054 | 3612717 | 13 |
0.055 | 870851 | 7 |
0.056 | 2745820 | 14 |
0.057 | 859484 | 10 |
Last trade - 16.10pm 22/08/2024 (20 minute delay) ? |
Featured News
IMU (ASX) Chart |
The Watchlist
SS1
SUN SILVER LIMITED
Gerard O'Donovan, Executive Director
Gerard O'Donovan
Executive Director
SPONSORED BY The Market Online