Nice chart Forged.
Using Eliott Wave, I am tracking this as the beginnings of a larger scale Wave 3. I see Wave 1 as being from 2018 through to mid-2020 as marked (a total move of +$2.21 from the $0.32 low to the $2.53 high), then Wave 2 to the October 2022 low (a total move of -$1.95 to the $0.58 low = 77% correction which is very close to a classic 76.4% Fib correction), and now are16 months (72 weeks) into Wave 3.
As to where I see we are on this Wave 3 - we have just completed minor Wave1 (from $0.58 to $1.72 top = +$1.14) as the first of the 5 wave sequence in major Wave 3 with the $1.72 top last October. It looks like minor Wave 2 correction may have terminated at the recent $1.34 low (-$0.38 or 33% correction) and we may now be in minor Wave 3 of the larger degree Wave 3. I need to see this current up-move breach $1.72 to confirm that we are indeed in minor Wave 3 - otherwise, we may be seeing a more complex A-B-C corrective minor Wave 2 (with this being the "B" wave of that correction). I am in 2 minds at the moment whether we are still in minor 2 or have commenced minor 3, as I was looking for minor Wave 2 to terminate at the 38% (-$0.43 to $1.29) or 50% (-$0.57 to $1.15) retracement levels before we began minor Wave 3. I suspect the next week will inform us either which way.
Overall, I am looking for the larger degree Wave 3 to reach the classic Fib extension of 1.62 x Wave 1 = 1.62 x $2.21 = +$3.58. This gives a target from the $0.58 October low of $4.16 as the ultimate Wave 3 top.
- Forums
- ASX - By Stock
- Ann: Ramelius delivers 10 Year Mine Plan at Mt Magnet
Nice chart Forged.Using Eliott Wave, I am tracking this as the...
- There are more pages in this discussion • 9 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add RMS (ASX) to my watchlist
(20min delay)
|
|||||
Last
$2.03 |
Change
0.030(1.50%) |
Mkt cap ! $2.320B |
Open | High | Low | Value | Volume |
$2.03 | $2.07 | $2.02 | $6.102M | 2.992M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 54406 | $2.03 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.04 | 46043 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 32206 | 2.030 |
10 | 110091 | 2.020 |
7 | 70238 | 2.010 |
4 | 15471 | 2.000 |
2 | 14395 | 1.995 |
Price($) | Vol. | No. |
---|---|---|
2.040 | 23564 | 7 |
2.050 | 29088 | 4 |
2.060 | 99022 | 9 |
2.070 | 62667 | 6 |
2.080 | 85144 | 6 |
Last trade - 16.10pm 16/05/2024 (20 minute delay) ? |
|
|||||
Last
$2.03 |
  |
Change
0.030 ( 1.76 %) |
|||
Open | High | Low | Volume | ||
$2.04 | $2.07 | $2.03 | 651326 | ||
Last updated 15.59pm 16/05/2024 ? |
Featured News
RMS (ASX) Chart |