Hi @slick and @Raffout,Raff, nice Elliot Wave Chart! I think...

Hi @slick and @Raffout,

Raff, nice Elliot Wave Chart! I think your Impulse Wave looks correct on the yellow 5-count, though I think there could be some conjecture on where wave-1 starts... this is not so important in the scheme of things considering the conspicuous 2-3-4-5 wave structure, clearly defining the major phases and importantly, the end of the Impulse Wave at yellow (5).

Slick, I think most would agree with your comment, 'Everyone, (holders and traders) is now looking for a confirmed Wave1 to take the main gains from a Wave3', however, in response to your comment, 'unfortunately C is still going', I'm not so sure...

Looking at Raff's chart that I've reposted below; I think the ABC Corrective Wave is correct for the A-B phases, though IMO, it's quite plausible that the C-wave retracement extending from B, should actually terminate at the end of the blue (3) wave. In which case, the blue (4) wave would in fact be wave-1 (the beginning) of the next 5-count Impulse Wave, with the current retracement from blue (4) being the wave-2 corrective phase in the 5-count Impulse Wave. That means we are potentially waiting for wave-3 to commence, as you alluded to, which would be the impetus for a major rerate in the IMU share price, if traditional wave-3 impulses are a guide. I think any such move, if it were to transpire, could well be instigated by the release of any company news expected in H2 2024, as highlighted in the "Recently Achieved and Upcoming Key Catalysts" (slide 26) of the "Bell Potter Emerging Leaders Conference May, 2024" presentation.

To steal another of your quotes, 'We live in hope eh?'.