CHART Thread, page-947

An excellent day for IHL and I am convinced we have resumed the Elliot Wave supercycle - Wave 1, so expecting some big Sp moves ahead. (with plenty of FA catalysts!)

Again, I think I have posted along these lines quite a few times but a warning to those who look at end of day for charting and miss what is really going on. (I am sure I will post again with a similar story when we are 50)

The VWAP and median was 35 well above Friday's 31.3 VWAP and 32 Median. So while the Sp is up 2 cents today, on a VWAP to VWAP comparison it is 3.7 cents higher. (call that 32 + 3.7 = 35.7)

The trading was strengthening nicely in the afternoon with 35.5/36 building solidly. The last trade before the closing auction was 35.5 and at 3:59:21 it was 36. You have to wonder about the selling on the closing auction when the indicative was much higher. After 20 plus years investing, it still astounds me on how some people "manage" their stock.

So a very small proportion of the day's sales, around 3%, drops the indicative Sp by 1.5 - 2 cents. (below is a 1 minute chart)



I think we have seen this quite a few times, only to move to a shakeout and higher highs.

Goes without saying that the volume today is the highest we have seen since February and is building consistently. When IHL hits the US, we are likely to see massive demand volumes which will charge through the ASX supply lines like a hot knife through butter. Having watched stocks that have listed on the Nasdaq (properly managed), it is frightening how quickly the price points move. Given the calibre of the BOD and Eddie Sugar, this is very likely to be a listing to remember. There is a massive catch up in peer valuations around the corner - the market knows it, and we can see the interest through the big step up in volumes.

As posted before, I am a big fan of charting but relying on the "close" for investing decisions and not seeing the wood from the trees is a great trap for the unwary.