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GARETH78

8,317 Posts.

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21/05/21

07:20

Post #: 53320071
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Originally posted by acwbagnall: ↑

Absolutely. The fundamentals drive the movement of the share price but to what extent and for how long is generally governed by the technicals in the short to medium term - i.e. what looks and feels right due to past price action and timeframes. This is where the Fibonacci ratios come in to play - we can't escape them, they are everywhere. Literally making up our DNA.
So you might have a stock that's on a decent uptrend with positive sentiment in wave 3 and approaching 1.618 x the wave 1 length, but another positive annoucement and it continues towards 2.618 x wave 1.. The market will generally tend to slow around that point but if a left field positive announcement drops before it turns then it may continue to the next fib point or thereabouts.
As to whether we are now in wave 4 rather than a post wave 5 ABC correction - that is possible. It has crossed my mind. I'll take anther look when I get a chance and check the ratios to see what is more likely.
The pattern at the recent high did look a lot like an ending diagonal trtiangle wave 5 pattern however so I'm temding towards being in the ABC correction now.
Also quietly hoping that is the case since that would also mean this ABC correction is wave 2 of 1 degree larger again, meaning at the end of it we enter wave 3 of that series - which is the big one with a lot of room to move.

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Thanks for yours and @Darkstone reply.

Never to old to be learning something new.

Hoppefully a decent day today.

Good US markets lead and Lit sector fair with the exception of SQM (quarterly report and local issues)

GLTA

GXY Price at posting: $3.37 Sentiment: Hold Disclosure: Held
12 Upvote

0 Great analysis

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