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.
