Further to my last post, It now appears that the scenario I...

Further to my last post, It now appears that the scenario I outlined back on 19th May has played out as expected. In my last post, I indicated that we were in a corrective Wave 2 after the first up Wave 1 that took us from 5c in May 2020 to a high of 49.5c in April 2021 - this Wave 1 was broken up into an easily discernable 5 wave movement to the April 2021 high.

In my count for Wave 2, I saw a clear ABC corrective structure and in my last post stated that we had completed wave 4 of the "C wave" and were waiting for the conclusion of wave 5 of that C wave. I highlighted that we were looking for a new low (under 28c) to confirm the final wave of the ABC correction and I was looking for this to be aligned with a MACD divergence on the hourly chart.

Per the chart below, this seems to have played out with a 27c low coinciding with a MACD divergence, and assuming this wave 2 structure is complete (ie it is a simple ABC correction and not something more complex), we are about to commence a very strong Wave 3 that will take us well over the 50c mark - my initial target is a peak of 99c (being a Wave 3 that is 1.62x the length of the 44.5c Wave 1 = +72c from the recent 27c low).


Note the MACD divergence on the hourly - lower price low between waves 3 and 5 but higher lows on the MACD. The same is also evident on the 15 min chart.

The above is purely for interest and should not be relied upon for trading purposes. I use fundamental analysis as my primary investment tool, but enjoy overlaying technical analysis as a further guide as to where we may be on the share price journey.

GLTA and DYOR.