GLN CHART THREAD

[BEISHA]

Hi All

GLN had a stellar run once wave 4 down finished , went from 1.26 - 2.33 in quick time ( sub wave 1 up of wave 5 up) ) which was impressive, but like everything, what goes up , comes down eventually, so currently what we are witnessing is sub wave 2 down ( abc ) enacting, 50/61 fib levels are popular levels for sub wave 2 down, so 179 or 167 is where i see the SP base before sub wave 3/5 up takes off.

Considering where the RSI 14 indicator is placed, i believe its more than likely that the SP will finish on the 50 fib ( 179 )level, going below 50 would be bearish some what.

I sold out once SP dropped below the 23 fib ( 207 )support line, waiting for re entry.

imo

 

[BEISHA]

@shiok @Juqu

As mentioned previously, wave 2 down normally attracts to 50/61 fib levels and the upper yellow arrow is suggesting this could happen again with a spin top doji appearing today, which was a nice follow up from yesterdays freefall.

RSI 14 has its nose pointing up on the 39 support, once it gets above 50, all systems go.

A clear break of the strong resistance at 50 fib ( 180 ) and sub wave 3 up is on.

I bought back in with a small 10k parcel today, once 180 resistance is broken , then i will buy more.

Dow futures up 300+

Lets see how she plays out

B

imo

 

[BEISHA]

@Cashcity

Hey champ, are you able to post this chart above to my HC friends at GLN ?

Dont mention my name, you are the man

cheers

 

[BEISHA]

@shiok @Juqu

View attachment 5174


As mentioned previously, wave 2 down normally attracts to 50/61 fib levels and the upper yellow arrow is suggesting this could happen again with a spin top doji appearing today, which was a nice follow up from yesterdays freefall.

RSI 14 has its nose pointing up on the 39 support, once it gets above 50, all systems go.

A clear break of the strong resistance at 50 fib ( 180 ) and sub wave 3 up is on.

I bought back in with a small 10k parcel today, once 180 resistance is broken , then i will buy more.

Dow futures up 300+

Lets see how she plays out

B

imo

Yellow arrow pointing to an inverted hammer stick, bullish when it appears in a down trend, RSI 14 indicator flattening out on the 39 support and the 5 ema looks to be flattening out too, good signs that sub wave 3 up is imminent.

Heiken Ashi candles turning green is another positive.

@CHB ..........Hey champ, what FA is coming up to give GLN a lift ?

DFS on HMW is Q4 2022, that i do know, does that include Candelas ?

Greenbush we have had soil sampling which was positive, when do you reckon we will get those results ?

Anything else on the horizon ?

imo

 

[BEISHA]

View attachment 5647
Yellow arrow pointing to an inverted hammer stick, bullish when it appears in a down trend, RSI 14 indicator flattening out on the 39 support and the 5 ema looks to be flattening out too, good signs that sub wave 3 up is imminent.

Heiken Ashi candles turning green is another positive.

@CHB ..........Hey champ, what FA is coming up to give GLN a lift ?

DFS on HMW is Q4 2022, that i do know, does that include Candelas ?

Greenbush we have had soil sampling which was positive, when do you reckon we will get those results ?

Anything else on the horizon ?

imo

Just like all other lithium coy, GLN got smashed from the MACRO fallout, i am looking to see SP stabilise before any top ups, if current support doesnt hold, i would be confident that the 78 fib support will hold, RSI 14 is slightly under 50, which is perfectly placed for a run, a break of 50 fib resistance to the upside would confirm the sub wave 3up swing.

imo

 

[BEISHA]

Hi All

Are those twin blue bubbles the start of sub wave 3 up, main wave 5 up ?

If the SP can break 160 resistance and RSI 14 beraks 50 to the upside, then that would be confirmed.

Encouraging signs never the less, the entire lithium sector is throwing out green shoots, indicating that the next leg up, aint far away!

imo

 

[BEISHA]

Hi All

The week that was.............

Dow still bearish, 1200 pts down for the week, however, some support zones are looming and RSI 14 is OVERSOLD at 30, has gone as low as 17, so still some room for more pain, but hopefully, not for much longer.

Has GLOBAL X found a bottom ?

Those blue bubbles indicate a reversal could be on, both SP and RSI 14 look to be basing / accumulating, a break of the 23 fib and a break of the green line 50 and the swing is on.

The trend is your friend for GLN, higher lows, higher highs, every time it hits the long term yellow trend line , it creates a higher peak..

RSI 14 needs to get above 50.

Overall, GLN looks primed for the next leg up

imo

 

[BEISHA]

Hi ALL ( @lellep )

Thew week that was.....

DOW Jones had its first positive week in almost 2 months, brown arrow pointing to a BULLISH harami, yellow arrow pointing to the RSI 14 poking its nose up from the OVER SOLD position ?

Is 30685 the bottom of ABC wave 4 down ?

Time will tell

Global X is showing good signs of a reversal, for that to be confirmed , .....

a) RSI 14 indicator needs to get above 50

b) SP needs to break 23 fib ( 78 ) resistance.

GLN was slightly negative for the week, but the trend is still intact.

Needs news to activate a bit of interest, like an update on the new venture, hard rock GREENBUSH.

Or developments with the DFS regards to CANDELAS & HMW, the highest grade brine in the GALAXY!

imo

DYOR

 

[BEISHA]

Hi All

The week that was.....

DOW lost ground this week after a very strong performance the week before, which beggars the question, is the yellow arrow pointing to sub wave 2 down in which it could form a BULL FLAG / PENNANT, or is it a BULL TRAP, with an extended ABC to follow, culminating in sub wave 4 down dropping to the 38 fib minimum, like it invariably does ?

Thats a question only time can answer.

Global X is looking good for a reversal, once it breaks that strong resistance zone ( red ), its going to be good news for all lithium participants, including of course, GLN.

GLN dropped 6% for the week, long term trend still intact tho ( yellow trend line ), blue bubble indicating accumulation between 50/61 fib , RSI 14 looks to be flattening, a break to the upside of the 50 fib ( 150 ) would confirm the swing.

imo

 

[BEISHA]

Hi All

The week that was..........

DOW dropped another 1700 pts for the week, confirming my suspicions of another tree shake, currently sitting on minor support, if that fails to hold, then more support presents at 31000, then the strong support zone enters the frame.

Sub wave 4 down usually attracts the 38 fib and stays in line with the heights of sub wave 1 up ( LHS ), so hopefully a reversal isnt too far away.

GLOBAL X isnt too far away from a reversal, needs to break that strong resistance zone highlighted in red, once that happens, all lithium players will get a boost in sentiment going forward.

RSI 14 has based off the lows and rising, needs to get above 50.

You will also notice that sub wave 4 down hit the 38 fib and took off, i am hoping the DOW does the same.

GLN like every lithium player has taken a decent hit, but now its resting on a decent support zone, RSI 14 is getting close to the OVER SOLD zone at 30 , on the DAILY, its already reached that level, so a reversal cant be that far away.

A break of the 38 fib resistance would confirm the SWING up.

imo

 

[BEISHA]

Hi All

I am still not seeing any signs of a bottom yet, RSI 14 still poking its nose down vertical and not over sold yet, the 5ema / 30ema and 20sma all pointing south and the bottom bollie band too.

SP currently sitting in a reasonable support zone, if that doesnt hold, then 61 fib 91 comes to play and according to EW rules, could go as low as the height of wave 1 up on the LHS.

I sold out once the 50 fib got broken to the downside, will wait now to get back in till i see indicators flattening out.

imo

 

[shiok]

hey @BEISHA any chance for a chart update? will share it on the other forum too. You back in yet? =)

 

[BEISHA]

hey @BEISHA any chance for a chart update? will share it on the other forum too. You back in yet? =)

Hi Shiok

Yes mate, got back in @1.12, looking forward to a strong second half of the year with Greenbush development and DFS HMW & Candelas...

GLN WEEKLY CHART

GLN looks to have finally turned the corner at the 61 fib ( 97 .92 ) support line to complete wave 4 down.

Was expecting wave 4 down to be complete at the 38 fib level where it normally turns, but the MACRO turned really sour !

For a swing to be confirmed , need to see SP break the 50 fib ( 124.95 ) resistance, with the RSI 14 getting above 50.

GLN DAILY CHART

Got some higher lows / highs developing, by my wave count, minor sub wave 4 down is complete with minor sub wave 5 up to follow with a target SP of around 140 / 142 to complete sub wave 1 up.

Immediate challenge is to break the current resistance at the 50 fib ( 118.67 ), then 1.30 resistance.

RSI 14 is above 50............tick

5ema has crossed the 20sma and now the 30ema..........tick

Things are looking up.

Dow Jones making a steady recovery............a confirmed breakout with another 1000pt gain for the week.

Its immediate challenge now is to break that strong resistance zone.

What kind of news will be required to break that ?

Global X making a steady recovery after sub wave 4 down hit the the 38 fib support, but now has a big challenge breaking that strong resistance zone.

RSI 14 needs to get past 50.

Macro markets were green on Friday night, so GLN should have a positive start to next week

imo

 

[shiok]

Thank you for the update mate!

 

[shiok]

hey @BEISHA question regarding your waves count. That larger wave 3 you've got (GLN's all time high) , could that instead be a wave 1 instead? And that recent low of 93.5c is Wave 2. Which means we are going for wave 3 up now? Keen on your thoughts.

 

[BEISHA]

hey @BEISHA question regarding your waves count. That larger wave 3 you've got (GLN's all time high) , could that instead be a wave 1 instead? And that recent low of 93.5c is Wave 2. Which means we are going for wave 3 up now? Keen on your thoughts.

" That larger wave 3 you got, could that instead be a wave 1 instead, and the recent low of 93.5 wave 2, which means we are going for wave 3 up now ? "

MONTHLY CHART FOR GLN

This is the long term trend chart for GLN.

The start of main wave 1 up occurred on the 3/7/2017 and peaked on the 1/3/19 ( that was the initial bull market for lithium )

Main wave 2 down commenced there after coinciding with a bear run for lithium precipitated by Morgan Stanley predicting an over supply in the market, that cycle concluded on the 1/10/2020.

Main wave 3 up obviously followed suit there after and peaked at 2.40, wave 3 ups are usually the longest of the 5 wave cycle and it certainly proved the case once again , producing a 20+ bagger for anyone who bought at the low of main wave 2 down ( 10.73 )

Main wave 4 down then proceeded after that great run, exaggerated by the bearish MACRO events which has just recently finished

Yellow arrow is pointing to the start of MAIN WAVE 5 UP

So the simple answer to your question is.............NO

To give your HC posters an idea where main wave 5 up could potentially run to......i have a 1.618 target of 449 which could be achieved in the latter half of this year with GREENBUSH development plus DFS

Now when MAIN WAVE 5 UP finally concludes, that would complete a FULL 5 MAIN WAVE CYCLE ( i call it a super cycle ), with wave 2 down to commence there after.

Of course that target SP of 449 is just a theory and depends on how the MACRO develops with inflation, potential recession, Covid supply chain interuptions, war in Ukraine etc etc PLUS the GLN NEWS factor and what it delivers to the market.....

Considering the exciting news with GREENBUSH yesterday , GLN could have a substantial hard rock play on its hands with a drilling campaign not far away to confirm and i have no doubt that the DFS is going to be awesome, so one way or another, GLN is in for a mother re rate despite what the MACRO delivers.

imo

 

[shiok]

hey @BEISHA , some nice price action last couple of days and today! =)

The fellas on the HC would like to request an update from you if possible =) Cheers mate.

 

[BEISHA]

hey @BEISHA , some nice price action last couple of days and today! =)

The fellas on the HC would like to request an update from you if possible =) Cheers mate.

Hi mate

DAILY CHART GLN

Yes, nice trend going on here, minor sub wave 5 up definitely in play right now, 50 fib ( 118 ) resistance broken , but it now buts right up to that 130 resistance that i talked about in the previous post ( yellow arrow ).

SP high on the bollie band and RSI 14 is not far away from overbought 70, so we could see a retrace tomorrow to challenge that 118 resistance which was broken yesterday and should now act as support.

1 HOUR CHART

The hourly chart looks cooked , so that could support my argument that a minor retrace is on the cards to 118 / 115 support lines.

Needs confirmation obviously, i dont always get it right, but the probability is high.

MACRO tonite could also tell a tale also

A big hello to " SPOVEND " and the excellent GLN HC threads, yes i read the posts despite being exiled.

Wish i was there, but it is what it is unfortunately.

imo

 

[BEISHA]

Hi All

WEEKLY CHART GLN

Yellow arrow is pointing to some nice price action since hitting the 93c low, nice higher low / highs, so a good start for wave 5 up .

Stacks of room to move within the bollie bands , RSI 14 has plenty of room to move and the 9 & 18 emas are all turning up.

The big picture is on the move.......with a short term target of 23 fib resistance ( 145 ), with a longer term target SP of 1.618 ( 4.49 ) to be achieved in the longer term with this current run.

DAILY CHART GLN

The blue outline highlights the challenge GLN has next week with a pretty strong resistance zone to get thru to achieve that short term target of 1.45.

RSI 14 not far from overbought, but has gone as high as 87, so for this current minor sub wave 1 to achieve that 1.45 short term target, it either has to bust the 70 over bought level come monday / Tuesday , or back test and then have another run at it later in the week with minor sub wave 2 down to follow .

MACRO markets were fairly flat on Friday night but face stiff resistance next week.

So it will be interesting to see how things play out for GLN next week

imo

 

[BEISHA]

@shiok

It appears to me that sub wave 1 is complete, got close to the 1.618 target of 142, but the above resistance was too much, so according to heiken ashi candles, that red arrow which is pointing to a spin top doji is the first red flag, after a series of strong meaty green candles with no wick bottoms, sub wave 2 down will be confirmed once a red candle with a wick bottom occurs creating the first lower high.

RSI 14 indicator hitting the 70 over bought now peaking and bending over.

Probability is high that there will be a retrace now to the 50/61 fib support lines.

imo