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MKI4EVA

4,104 Posts.

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03/12/21

09:29

Post #: 58043138
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Originally posted by MKI4EVA: ↑

Alright peeps.

Below is what I think may unfold for SYR in the MT and LT.

The set up is starting to firm up for a big reverse head and shoulders in simple terms but effectively another big run. As many of you know I had been calling for the multi-yr corrective move in SYR to end once it bottomed and turned to around the 40c level based on the below set up (no I didn't call the bottom above my pay grade).

Trend in blue 1-5, corrective move in yellow ABC. This set up is important as it shows the trend then correction phase.

Ref:

This next run has a couple of key levels.

The first being the neckline at around $1.34. If price manages to pass there with volume and hold above (unlike recently) I think that will be key in confirming the set up.
If above plays out then this opens up the first target price of around $2.50. This TP is basically the head to the neckline. This method is very ball park as you don't really know until the waves unfold to work more accurate levels.

The second being the thick green line at around $2.18. If price gets up to there, this would start to signal/confirm new ATH are on the cards. Could be looking at $10+. But lets take it one step at a time.

Ok - keep in mind the last cycle took from 2009 to 2016 so 7yrs'ish. AKA it will take time.

Risk is markets are very very stretched now. But if there's one sector that might buck the trend it would be battery/materials sector.

GL

MK,
Cheers.

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Quick update on above.

Looks like I was too early again. Felt it in my gut but price just kept going up in Oct. What I think will happen now is at some point we'll get a bounce that fades past the Aug lows. Will have to wait for a set up around there. Just add at lower levels and no stress.

The set up we're looking for is similar to what BET went through in 2020. (not comparing companies here just set ups in price). So you can see the right shoulder (wave2) can be deep, depending on market conditions. Just need to be patient. Could be one of the best trades for 2022.

Won't be updating much into year end as I'm on holidays now. Finishing up earlier this yr and very thankful.

MK.

SYR Price at posting: $1.16 Sentiment: Buy Disclosure: Held
8 Upvote

0 Great analysis

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