IMUGENE CHART. TA only, page-252

Hi Davy

Thanks for your kind words, absolutely no regrets at all, and your right it was a priceless experience especially considering the current state of the world.

As promised I thought I better put a chart up here, so first chart below is my Elliot wave count, to me it looks like we have just completed wave 5 with the high of $0.215 and are now in the ABC corrective wave with todays high being the top of wave B, if this is correct then the ABC is making a contracting/symmetrical triangle (pennant) or possibly an ascending triangle in any case that's a bullish sign of continuation of the uptrend and breakout looking like its not far off, I note that we are also holding above the Oblique support/resistance level which makes the bottom of the triangle.

@Assassin617 interested to hear your thoughts on the wave count here



You'll see below how the current rerate looks very similar to the previous one from 6.7-14 with a key difference being that the previous re-rate failed to hold above the OS and consolidated downwards. Here's my reasoning for this

On the previous re-rate

1- Heavy Short selling held the price down, this has already been discussed (alot) and was actually collateralized shares being hedged.
2- A director sold a small portion of shares on market to fund conversion of options
3- Seasonal selling coming into Christmas, Jan Feb being quiet months for IMU and not much expected news flow
4. First Cohort to be dosed in phase 1 trial = increased risk.
5. Explosion of investing into EV related stocks saw capital outflow looking for quick profits. largely Due to Bidens election and EU push for low carbon economy

So what's different this time around

1- short selling appears to have ceased at 2.3% of SOI
2- Heavy news flow expected in near future
3-Tech proven to be safe and efficacious so massively de-risked
4- Other hot sectors of the market have cooled off and capital starting to look for high growth opportunities elsewhere (If they're lucky they'll stumble upon IMU)
5- More institutional interest

This time around the consolidation phase is forming a pennant and with the volume on price showing the buyers stepping up to the line, price action suggests supply appears to be thinning out.



So where to next, well I have quite a few parallel sloping trend lines running on IMU and there is an Oblique Resistance level from the highs of July and November 2019 that runs parallel with the current trend. I believe this line represents the next zone of resistance on the breakout and depending on how soon that is id expect it to be between 24-28 cents, after that its the ATH at 33 cents and then its Blue sky from there.



Finally my little insight into why the move on Monday was predictable on Friday afternoon

If you take a look at the 4 red bars on Friday with the subsequent wick touching 18.5 before closing at 19 you'll see this was confirmation of a bottom, the heavy selling in those 4 red bars failed to turn the MACD negative again and the higher lows on the price action had been diverging with the lower lows on the MACD prior, so the share price was still rising while the momentum was going against it, eventually the momentum turned back positive on the middle blue circle and that third blue circle is the apex of the wedge where a breakout downwards was rejected and the bottom was confirmed and momentum turned bullish releasing the constraint on price. (i.e sellers ran out of ammo)