We have been in a correction for 335 trading days. This has been...

We have been in a correction for 335 trading days. This has been correcting the move up which took 356 trading days. Corrections of 100% of the time taken to move up are not uncommon. As many people, like Paul, have pointed out we are in the orphan period and we should be moving out the other side as the DFS for Phase 2 is released, offtakes announced (with possible prepayment) and we become fully funded for Phase 1.I think the orphan period has been extended in time due to the delays we have experienced which has generated frustration among shareholders and has seen some of the most avid supporters throw in the towel (understandably). This has increased the depth of the correction, resulting in a 70% drawdown from the all time high. 40-60% drawdowns tend to be more common, so yes it is a deep correction (which is more characteristic of a wave 2 - seems unlikely that this was part of a wave 4 at this point).

I have seen people on here represent the correction as a single zig-zag (ABC), which is a nice and simple representation (and often simple representations are better), however I think it is more likely that we have completed a double zig-zag (i.e. a complex correction) as shown below. This fits better to my eye because if you try and apply a single zig-zag to this correction the C wave ends up being oversized compared to the A wave (i.e. the W wave in the chart below is a different structure to the Y wave - it doesn't really work to say they are part of the same zig-zag). If this is correct (which it may not be - it's just my current view on things), it means that the correction has a good chance of being complete here (i.e. I can count 5 down in the final C wave of the Y wave and the 5th wave looks like a final capitulation move). Of course, corrections can often go on longer than you expect but I guess I'm just saying I see some evidence/hope here that we might be done.



As another example, and only because I've been looking at a lot of uranium stocks recently, Boss Energy which has a great looking chart still had a near 50% retracement and a 317 day sideways correction (shorter or longer depending on where you measure it from) before moving up with the recent moves in uranium pricing over the past few months. Not quite as painful as we have experienced but painful nonetheless. The point being that end of cycle corrections can take a long time to play out and just because they do, doesn't mean there is anything wrong.