The sails have spilled the bearish wind - this action is all...

The sails have spilled the bearish wind - this action is all forming part of the trend change and after such a drawn out downturn it will take a little while. How long is anyone's guess. We will know its time for a meaningful Bull run once we close back across that 0.245 zone and it holds. We then should be able to more easily predict future price targets.

In general my comments are primarily based on an investment view with the long term outlook. I suggested the potential for the start of a wave 3 soon, and that should be taken in context of that long term outlook. I've done my count on the monthly chart, and rather than candles I've switched it to line to more easily visualise what I am looking at.

Charts are fractals, and Elliot waves are even more so. This means that our massive upcoming wave 3 (generally the biggest - so compare it with the pink wave 1) on the monthly will be made up of a full Elliot cycle on a smaller scale, just as each of the waves of that one will be made up of a full wave on a smaller scale again. What does this mean in practical terms? Think of our bull run in the first half of last year; run after run with reliable expected retracements. Wave 3 should be similar, expect more sustained and stronger moves. There will of course be breathers and pull backs, there must be for healthy gains. This run will need to be accompanied with positive price sensitive news on the way, and fortunately that's what we all expect.

So here it is: if you have done your research and truly believe in the fundamental story of IMU, then any buying around here give or take over the past few weeks or in the next few will, in my opinion from a technical and fundamental view be a smart investment(read long term hold). Slightly more risk for maximum exposure. This is the strategy I used when building my position between 0.018 - 0.043 and every buy saw draw down, but now I'm glad to have chosen exposure over safety.

For those who can't stomach seeing any draw down and want a less risky entry (which is savvy) you will want to wait for the close and significant bounce off the first resistance zone which is our long term 61.8% around 0.245. Bear in mind that this can come and go in a flash, so you may not get the best entry and need to settle for a higher, though less risky price (from a technical view). When that happens I'll be sure to post such.

Would I personally buy here? I topped up last week for the first time. Once again, time will reveal if that was wise.