Maybe if the Macro changed but lithium and cobalt are entering...

Maybe if the Macro changed but lithium and cobalt are entering commodity super cycles, so to be honest this changes the rules. 40-50% retraces are too excessive, 10-15% seems to be reasonable. But who knows? They're always exceptions to the rule which we can't really know until it happens. And the rules are changing especially during this transition as we have seen in EVs for instance (with Tesla having lofty valuations despite not meeting its production goals for Model 3) And yes I'm aware that EV makers and mining are different. And I think PR will be a reason why PLS will maintain its loftier valuations than during GXY, PLS communicates GXY doesn't, until after the fact.