2024 Charts, page-414

I'm not seeing this cup and handle setup likely to play out for several reasons; the right edge doesn't match up to any significant level on the left, the handle isn't especially convincing, and the target of 24.7c doesn't seem realistic without significant news (the permit alone probably wouldn't be enough, though hey, stranger things have happened), but to explore the possibility, if next week we did get some relatively positive news about production or mildly positive production news and the permit, it could potentially serve as a target. I don't believe that target price is realistic without positive news, so in the absence of news this C&H is meaningless, and to be a decent C&H I'd like to see the right edge roughly match up with the November peak of 21c (three days prior to where I've drawn the start of the cup on my chart), though that would give us a target price of about 43c, which I really don't think is realistic unless we get the permit, production sorted out and lithium prices continue to improve.

If we're being honest, the market is probably going to deal with another month of disappointment over the permit not coming in line with company guidance, and another month of disappointment over no improvement in production. It has been completely absurd to keep giving them market expectations of the permit on specific timeframes which only lead to increasing disappointment and mistrust in management over a period of years, but the good news is that now that the damage has been done and the price devastated, when the permit actually does come (and I still think it probably will), the market will be very surprised so it should react fairly positively. Not to where it would have been if trust in management hadn't been destroyed, but likely a proportionately higher jump from where it is now than from where it would have been. Even so, probably not to either of those potential C&H targets without also getting meaningful progress in production.