Looking back on earlier posts WRT to Elliot Wave Theory, I was unsure as to how the Corrective Wave might play out, putting forward a couple of suggestions. In my current view, it looks to be following the A-B-C Corrective Wave in similar fashion to the following earlier post on the topic (https://hotcopper.com.au/goto/post?id=54340111#post-54340111), before commencing the next 5-count Impulse Wave, which may already be under way, though only time will tell... I note the time frames & price action in the earlier diagram look much more consistent with the corresponding time frames & price action of the preceding 5-count Impulse Wave, and the current chart as it has played out until now.
In my opinion, there also appears to be a Bullish Pennant and a price "squeeze" between the negative sloping resistance trendline and the 100 EMA as support, potentially culminating in a positive price move sometime next week and possibly by next Monday August 23rd, 2021, as the two indicators are likely to cross, barring any sudden & significant price action to the downside. Ironically this also happens to coincide with the completion of the recent CR.
In that case I would expect to see a strong positive move, initially filling the gap at $0.33 and onto the next Fib Retracement around $0.34 and eventually onwards & upwards in a 5-count Impulse Wave format taking out the higher Fib Retracement targets as @Zior has suggested in his wonderfully informative TA posts on IMU.
I also believe this price action is supported by the lower chart indicators; MACD, RSI and Stochastic which all look primed to turn up.
Note: I don't consider myself a Technical Analyst/Chartist. This is simply my interest and opinions on how I see the IMU chart playing out, with due consideration given to Fundamental Analysis and the prospects of a raft of positive IMU news imminent.
IMUGENE CHART. TA only, page-4961
-
-
- There are more pages in this discussion • 28,223 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add IMU (ASX) to my watchlist
(20min delay)
|
|||||
Last
5.7¢ |
Change
0.003(5.56%) |
Mkt cap ! $417.2M |
Open | High | Low | Value | Volume |
5.5¢ | 5.8¢ | 5.2¢ | $2.499M | 45.00M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 1921794 | 5.6¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.7¢ | 1368288 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 286362 | 0.055 |
9 | 2036888 | 0.054 |
16 | 2736044 | 0.053 |
20 | 1943436 | 0.052 |
23 | 3206056 | 0.051 |
Price($) | Vol. | No. |
---|---|---|
0.057 | 378902 | 2 |
0.058 | 1552127 | 7 |
0.059 | 837099 | 8 |
0.060 | 2176188 | 16 |
0.061 | 1163926 | 6 |
Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
Featured News
IMU (ASX) Chart |
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online