Liking your charts onetonne but I think we are here in the repetitive move, this move up started from a higher base, so it should move higher than 85c last time with an equal move, and the moving averages are just crossing (albeit slightly stretched as this move is bigger) you can notice the blue 8 has not turned up yet, and it looks like its putting in a rounded bottom same as the pattern circled, so the impulse move has not occurred yet, this is merely consolidation before the big move or wave C up. You can notice the MA's are not pointing up yet, they're just getting ready to having crossed and time is absorbing the recent move up, then we go again. I think $1.25 is quite possible from the next impulse wave up around mid December, probably during drilling/testing? From there a further move up will be guided by commercial success, it might repeat to well over $2 with success? Or return to here with failure, so buying here is very low risk imo, opportunity to free carry if so inclined still exits.
MEO Price at posting:
48.0¢ Sentiment: None Disclosure: Held
