It's possible, and I hope so, but everyone should stop torturing...

It's possible, and I hope so, but everyone should stop torturing themselves with this line of thinking.

Several posters lately have been putting up charts every time the price drops, putting a new line on the chart and suggesting the price has finally touched support and will bounce in the next session. Then the price drops again and rather than saying 'drat, I was wrong', they just draw a new line on the chart saying it's at support, and so on.

In reality, if it breaks your support line and that line was legitimate support, you've actually predicted a further fall, but they ignore this and just draw a new line, switch between arithmetic and log scale if necessary, and find a new excuse to call the current price the low.

I will openly admit I am not unique, I topped up recently in the 50s at what I thought was support (I still think it was) but hey, it failed and we saw further drops as usually happens when support fails. I didn't just kid myself and others every day saying support was in.

Being realistic, the chart has fallen severely and is below the levels we might have considered our safety nets (scroll back and read all the recent posts including some from a couple of strangely well-respected members which have aged extraordinarily poorly). We're going to fall as far as we fall and we'll bounce when we bounce, but it's torture to constantly expect it to happen.

Hey, I could come up with a plausible scenario for today; 40c is a nice round figure, that was the bottom, we end today at 45c on a spectacular dragonfly doji triggering a reversal and we have a recovery rally followed by a rally on the back of the permit approval and later the resource upgrade, and so on.

The above sounds great, it's plausible, it's what I hope, but if we expect this sort of thing to happen perfectly, we're probably just going to be disappointed. If you're holding at this point you either have conviction in the fundamentals and long term outlook, or you're likely to be upset short term. If you're sitting here because you believe in the fundamentals and outlook, just be patient and don't stress about the day to day movements.

In short, the chart has turned very ugly and as long term holders the short term TA is not what we're here for.