Ann: Ramelius delivers 10 Year Mine Plan at Mt Magnet, page-43

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jdpc35

944 Posts.

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03/04/24

09:10

Post #: 73160505
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Originally posted by jdpc35: ↑

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.

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A few weeks ago I wrote this preceding post and suggested that we were on the cusp of minor Wave (3) of this current major Wave 3. The subsequent price action (including breach of the previous $1.72 Wave (1) high confirms this is the case and now with today's excellent quarterly production announcement plus record gold price, we have the fundamental factors to fire up this Wave (3) of major Wave 3 move.

As per my earlier post, I am looking for a $3.58 total move for this major Wave 3 (so an overall target of $4.16 from the 2022 low), but on an intermediate basis, I think this minor Wave (3) could breach $3.00 in this move (ignore where my "red line" on the chart ends - just not enough chart profile to show where I think this could get to) - and that could occur within the next 3 to 4 months.

In Eliott Waves, it is always the Wave (3) of 3 that you want to be on - generally the most explosive and rapid. I am trusting that this is the case with RMS over the next while, but the early indications are very encouraging from a charting perspective.

RMS Price at posting: $1.81 Sentiment: Hold Disclosure: Held
4 Upvote

0 Great analysis

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