Price Chart- MGX, page-356

Very strong break of the downtrend since early January and a clear signal of a trend reversal. It was hinted at by the initial movement of 1st & 2nd June which followed a MACD divergence on the hourly chart.


From an Elliot Wave perspective, this has all the look and feel of the beginnings of a Wave 3 movement (which accords with my EW count and is something I have been waiting to see evolve for some time). If correct, we will see much higher levels from here (and quite quickly). Indeed, I think that there is a valid Eliott Wave count that suggests this is Wave (iii) of III of major Wave 3 with:

Major Wave 1 being the move from 16c in Dec 2105 to $1.30 in May 2019, then
Major Wave 2 finishing with 35c low in Nov 2021, then
Wave I of Major Wave 3 finishing at 74c in May 2022,
Wave II of Major Wave 3 finishing at 36c in October 2022, and
Now into Wave ii of Major Wave 3 with Wave (i) being the move from 36c in October 2022 to 69c in Jan 2023, Wave (ii) then going back down to 38c in May 2023 and now into Wave (iii) of Wave III of Major Wave 3.