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4.2¢ magnis energy technologies ltd

Breakout of symmetrical triangle with first target of $0.97 IMO...

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notlistening14

2,216 Posts.

957

26/01/23

20:18

Post #: 65897371
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Originally posted by jdpc35 ↑

Hi Mucha.

I think that may have been me (and I still hold that view).

My count was broadly (from April 2020 low of 5.0c):

Wave 1 from 5.0c (April 2020) to 75.5c (Nov 2021) made up of:

W1: 5.0c to 10.0c
W2: 10.0c to 6.8c
W3: 6.8c to 48.5c - (made up of 5 waves)
W4: 48.5c to 25.5c
W5: 24.5c to 75.5c

Then we had Wave 2 correction comprising an A-B-C wave pattern down to 27.0c. This being a 48.5c retracement = 69% of Wave 1. From a time perspective, Wave 1 took 84 weeks and wave 2 took 32 weeks (38% of Wave 1).

On my count, now into Wave 3 where we have seen minor Wave (i) to 55c high in Sept 2022, then minor Wave (ii) correction to 33.5c and now into minor Wave (III). My overall major Wave 3 targets are variously:

1.62 x Wave 1 = +$1.14 for a $1.41 target
2.62 x Wave 1 = +$1.85 for a $2.12 target
4.25 x Wave 1 = +$3.00 for a $3.27 target

Today's chart:

Now that we have broken through the downtrend, I am feeling more comfortable that we are now into Wave 3. So we will see where this finishes over coming weeks / months.

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Breakout of symmetrical triangle with first target of $0.97 IMO

GLTAH!

MNS Price at posting: 45.0¢ Sentiment: Buy Disclosure: Held
15 Upvote

1 Great analysis

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