reflections

Hi All ELM watchers,
For anyone interested in my 2 bobs worth...
After reflecting on discussions at the General Meeting...

1. Ian Stalker was instrumental in raising the money at $0.80 that delivered the JORC resource.
2. This event changed ELM from an mid tier explorer worth $130M to a potash developer worth $320M.
3. The strategy to take ELM equity to Canada revolves around the theme to fund the development independently to the demand source (China).
4. The board, having little experience in potash development, are relying heavily, and at great expense, on outside consultants to develop the project.
5. Although I took heart from the significant no vote, the umpire has spoken and I respect that.
6. As Anatol has stated, the right thing to do now is to move on and get behind the board on their chosen path to drive ELM forward.

In fairness to the ELM board, I accept the work they have done to date, yet, also note that I feel the stock and options package rewards them not only for their past efforts, but also the competent delivery of their vision for ELM.

As I have stated before, I will continue to judge the ELM board on their actions.

In terms of what those actions are; we shall see.

The stock is now pressing down onto the lower band of my regression channel.
A close below $2.10 would confirm the first weekly close below this regression channel since the move began from 30c in August 2010.
Just as the price could not be sustained above the RC at $3, the same should hold in the reverse.
I would expect a strong move back to the mid line ($2.50) fairly quickly to confirm this RC still holds.
The MACD diff oscillator doesn't show any signs of divergence and hence no trend ending signal in this timeframe.

Further, ELM has developed a down trend channel since the $3 high as the JORC resource was announced.
If I don't see a move back into the older RC then I begin to favour the probabilites that suggest a continuation of the new, downward regression channel.

Thank you for listening.