Whilst I am still comfortable(atm) with my decision to liquidate 50% of my holding in ADN yesterday as explained in yesterday's posting ...
https://hotcopper.com.au/posts/51778055/single ... I did have another reason for doing so ... To increase my holding in MEP. That was done today.
Now, just for interest, I had another look at ADN, from a shorter Time Frame, i.e a
Daily since the 4.4c late August '20 Low. Remember, the following chart's 'findings' are merely for interest and certainly not recommended Financial Advice, right! The initial upthrust since that 4.4c low increased the SP value some 420% to the 18.5cH, followed by a 38.2% correction down to the 13c quadruple bottom. Now the next impulse finished at a 36.5c high; i.e rising 280%. Interestingly, that represented exactly 66.7% difference in SP advance to the previous upthrust. However, the next correction was much longer in Time and found the double bottom low @ 25c(not the earlier 24cL) in Feb.'21 but retraced 50% of the advance.
Now here's the BIG "IF" ... If we assume that our current Impulse will advance to say 66.7% of the % amount of the previous advance then we should rise some 187% up from that 25c Low. Today's high only represents an 80% increase in SP so far so therefore maybe we should expect somewhere near 72c. Now look at the 2 FIB extreme extension ranges I have shown on the chart ... Note that they come within 3 pts of each other(~ 78/75c), with 72c just another 3c lower so again within the ballpark.
ALL just TA "musings", right!
View attachment 3018380P.S. Remember this is a Log Chart ... Also, that Andrew's Pitchfork is not too shabby either. Note the good support/resistance proved by its Median Tyne; it may prove useful going forward?
