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US lithiums going up tonight on the back of Defense Production...

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dolphinwrestler

1,600 Posts.

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31/03/22

02:43

Post #: 60534900
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Originally posted by Darkstone: ↑

Thought I'd better tack in a chart to show what I am thinking. You will note that I have modified the retrace curve so that it no longer reaches the bottom of the channel but turns at the between the 38 & 50% fibs (1070 & 1043). This is purely instinct. The 50% fib corresponds with the major channel before the last retrace widened it, but somehow that feels more likely to be the case this time. Note "feels". There is no science behind my decision except that I think the last retrace was anomalous. The safe trade is probably the 38% fib as that is most likely to be hit. If it rises again tomorrow then the pattern of two major channel high hits, then retrace, is broken and we may just keep rising for a bit.

Now in the days when I used to trade based on the RSI alone I'd have said it has more rise in it, but now I consider the channel are more reliable, and should be read with the RSI.

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US lithiums going up tonight on the back of Defense Production Act putting focus on domestic production of batteries & associated minerals, but the indices are red. Gut tells me retrace kicks off in the morning.

AKE Price at posting: $11.41 Sentiment: Hold Disclosure: Held
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