IMUGENE CHART. TA only, page-17869

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:

• (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

iv - from 28.5c to 21.25c
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