Just adding my chart perspective (3yr weekly chart shown):Per...

Just adding my chart perspective (3yr weekly chart shown):

Per the below, we have seen MGX perfectly bounce off the support line - next key point of focus is the resistance that currently sits at around $0.65. If we can break through that level, then the next stop is the $1.00 mark.



Longer term, per the 10 year chart below we had a very strong series of impulse waves (borrowing from Elliot Wave terminology) between 2016 to the $1.30 high in 2019 which can be viewed as Wave 1 under EW charting. Since then a series of overlapping moves down which are inherently corrective in nature to the $0.35 low in Nov 2021. Since then we have had two higher lows and so, if we can break through the $0.65 level, that for me would be confirmation that we are now into a Wave 3.

Given that Wave 1 had a total move of $1.14 (from $0.16 low of Dec 2015 to May 2019 $1.30 high), then an initial target for this Wave 3 is 1.618 x Wave 1 = +$1.84 - which when added to the Wave 2 low of $0.35, gives an ultimate target of circa $2.19. Note that these Waves are on a 10 year chart, so Wave 3 (if correct) will likely play out over an extended timeframe.


But for the moment - first target is to smash through the $0.65 barrier, in which case I would be expecting to see $1.00 tested in the near term.