ASX:LPD Daily TF MACRO Inverse Head & Shoulders (Major Reversal...

ASX:LPD Daily TF

MACRO Inverse Head & Shoulders (Major Reversal Pattern)

Food for thought.



"Patience Pays"

In what was the great lithium oversupply sell-off at the ass end of 2017 and into 2018 saw price sink towards $0.010 (which hurt alot of LTH). This bottom in 2018-2019 formed the Left Shoulder of the Macro Inverse H&S. After the 313 day period of formation we saw a rally towards the $0.04 which was met with great resistance in 2019 and caused price to slump back down to the depths of hell (sub $0.01) for what seemed to many of us as an eternity!

Then the 2021 rally kicked like a mule, bringing price back to meet former Daily Resistance at $0.037 (which then gave confirmation of a potential "Neckline"). after a 300 day swing low failure (which again tested many LTH) we have now reached the most pivotal resistance of not only 2021 but of the last 4 years IMO.

A clear increase of Volume and Multiple Swing low failures on RSI is telling the story of Buyer Momentum and General Bias which gives me confidence of the Major Reversal Pattern (Head & Shoulders) "Neckbreak". which leads me to upcoming TA Targets.

Note: Some were charting an Inverse H&S between the beginning of (2021 - now) BUT IMO that was not the correct position (although visually identifying as an I H&S) as it wasn't at the bottom of a long-term downtrend (H&S is charted as a major reversal at the top of a long-term uptrend)

Major Reversal Pattern Target.

Based off textbook Pattern Completion once the "Neckline" breaks a measured move target of the "height of head" is used from the neckline to identify a potential level of resistance/ profit take. in this case ($0.068).

BUT WHEN?

Since the second fall from grace in 2018 took 142 days to complete, personally im not expecting anything less as to keep my psyc and expectations in check, mind you this is without any Bullish/Bearish Fundamental news which could be as stated by @Regent parrot

1. Expansion of mine drill results?
2. Results of Rb and Cs samples from pilot plant in Wa to potential OT partners.
3. US funding approved on mine?
4. Caesium OT?
5. Tier One lithium OT partner /funding deal?
6. More Rb,Cs and silicon OT
7. More Li OT partners.
8. Fast track production.
9. Take Over play by Tier one partner or BASF?

or anything from left of field.

My current trading Ascending Channel which is at an angle of 45' indicates sustainable growth in line with I H&S Target, and I am not concerned about my pos held unless it Breaks Trend and the severity of that break and the Daily RSI trend.

Using the "Gann Fan" of current trend if we break $0.042 by the 8/11 then price action will breach into the "Extremely Bullish" realm of 1/2 angle but this will need accompanied fundamental news IMO.



What am i looking for next?

1. Neckline Break
2. Daily Support Held
3. Respect or Break of Ascending Channel Upper Resistance
4. RSI to continue trending into "Over Bought" territory
5. Volume to continue Increasing
6. Trend Based Fib Extension Target 1.618 (23/8 - 15/9 - 6/10) @ $0.042 hit

All in all looking at a very exciting EOY IMO.

Im currently cheering with all other Holders as its been a long road BUT this time we have clear tech/ product advancements and upcoming announcements. "Platypus" Party is when?

GLTAH

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