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"Channels are now well formed" was meant to read "Channels are...

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Darkstone

3,335 Posts.

3616

21/06/21

07:42

Post #: 53956471
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Originally posted by Darkstone: ↑

Daily Chart Update for Monday:

All comments are my opinion only and do not constitute advice.

Ranges:
Channels are now well formed. Note I expect the bounce to continue today, but there is some disagreement among the charting team as to whether it will rise a bit more, trade flat or retrace from here, so be aware that we are no longer all saying the same thing. I believe we are all in agreement that it will resume the downwards wave 5, just not entirely on the same page about timing. I have thus stated my belief rather than the others so that I don't accidentally misrepresent anyone's view.

Due to the change in direction from down to up, all ranges are guesses - ie. no ranges are well formed. Guesses are based on my expectations of the price target on Tuesday.
GXY:
333 - 345Resistance at 345, 352
Support at 336, 324, 311, 308, 297, 285

ORE:
578 - 602Resistance at 609, 581

Candle sticks:
GXY:
Bullish engulfing + hammer reversal.
ORE:
No New Pattern

C Wave target : (changes)
GXY: 285 - 308, Target 297 (25 June)
ORE: 522 (25 June)

Next wave 5 retrace predicted at:
@acwbagnallNow??
@Darkstone 344-352, probable cap 348

GXY:

C Wave (retrace) continues for both ORE and GXY. The wave 4 bounce has commenced and reached the first target 330-336. Based on previous bounces (eg the Wave 2 bounce), I expect the bounce to continue for two more days (Monday / Tuesday) and reach close to the 50% fib which would be between 348 and 352. I am setting a target therefore of 344 to 348. Some are arguing it may trade flat in the 330-338 range and others believe it has completed and will fall from here. This is the second rebound (fractal 2) of 2 and so we are are completing wave 4 of a 5 wave correction.

The journey to the C Wave target (circa 285 - 308) was predicted to have at least two dead cat bounces.

The GXY and ORE charts now show my expected path of the remainder of the retrace.

The 10 day /10 minute chart shows descending wedges on both ORE and GXY and is suggestive of a potential reversal (upwards) of the downtrend. Bothe wedges have now broken after completing three inverse flags with the last flag on GXY being 50% of the predicted pole length - indicating a completion of the pattern. The last pattern on both GXY and ORE is a standard flag which broke the wedges and indicates an upwards shift is probable. My expected target of wave 4 from this point is between 344 and 352.

RSI on both charts are in the bounce zone and have some room to move before they hit the zone where the bounce is likely to run out. We would expect this to occur either today or Tuesday.
GXY:

ORE:

10 Day Chart:

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"Channels are now well formed" was meant to read "Channels are not well formed".

GXY Price at posting: $3.38 Sentiment: Buy Disclosure: Held
1 Upvote

0 Great analysis

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