Nice , that is great to know! I took the opportunity to add more 96.5 ! US market ended well last night too. Hopefully a nice 2023. Happy NY mate.
GLN CHART THREAD
- Thread starter BEISHA
- Start date
Thanks Beisha, as always, greatly appreciated!
Guess I make the biggest mistake on “ never fall in love with the stock “ been on roller coasters especially ltr and Avz.( been holding since 2017/18)
Sold my houses few months ago and only one last round of amour remaining
Hi All
The trend is looking like our friend.
Some higher lows / highs developing, with SP not far from breaching the 21 ema to confirm outright BUY.
The trend looks great on the RSI 14.
The green line has passed the red signal line and starting to see the first signs of a positive histogram on the MACD.
In white, i have highlighted a potential EW sequence, based on fibonnaci , support and resistance.
Lets see how that plays out.
imo
The trend is looking like our friend.
Some higher lows / highs developing, with SP not far from breaching the 21 ema to confirm outright BUY.
The trend looks great on the RSI 14.
The green line has passed the red signal line and starting to see the first signs of a positive histogram on the MACD.
In white, i have highlighted a potential EW sequence, based on fibonnaci , support and resistance.
Lets see how that plays out.
imo
Are we in a wave 3 ?
Well , i am a little confused atm to be fair.
I expected minor sub wave 3 up to hit the 1.618 130 resistance in my last post ( where 3 up normally goes ), but it failed to reach that target , so either we are witnessing minor sub wave 5 up, with a 1.618 target of 146, or waves 3 & 4 are part of a much larger minor sub wave 3 up movement.......time will tell on that one.
Regardless of the wave count, GLN chart is bullish never the less.
a) SP is above the 4 , 8 & 21 ema...........tick
b) Green line above the red signal line with a positive histogram on the MACD........tick
c) RSI 14 indicator trend is intact , above the important 50 line , with plenty of room to move still......tick
d) Heiken Ashi candle , chunky with wick pointing up not down............tick
Happy days.
imo
Hi All
@shiok , @taofufa
I am pretty clear on the wave count now, with that bullish bull flag pattern the early stages of sub wave 3 up.
There could be some more back test to the strong support at 115, but hopefully that then becomes the pivot for some nice rises there after
I have a 1.618 fib target of 1.61 for sub wave 3 up, but that target might be dwarfed if good new comes out of Greenbush drilling and/ or the upcoming DFS.
All technical indicators look bullish......well most of them
a) SP above 4. 8 & 21 ema..........tick
b) RSI 14 has broken to the upside from its bearish down trend and hovering above the 50 line......tick
c) MACD.......hasnt confirm bullish yet, need to see some positive histogram and green line breaking out to the upside from the red signal line.
imo
@shiok , @taofufa
I am pretty clear on the wave count now, with that bullish bull flag pattern the early stages of sub wave 3 up.
There could be some more back test to the strong support at 115, but hopefully that then becomes the pivot for some nice rises there after
I have a 1.618 fib target of 1.61 for sub wave 3 up, but that target might be dwarfed if good new comes out of Greenbush drilling and/ or the upcoming DFS.
All technical indicators look bullish......well most of them
a) SP above 4. 8 & 21 ema..........tick
b) RSI 14 has broken to the upside from its bearish down trend and hovering above the 50 line......tick
c) MACD.......hasnt confirm bullish yet, need to see some positive histogram and green line breaking out to the upside from the red signal line.
imo
Hi mateNice announcement this week, Daniel Jimenez bought $126k worth of GLN . For someone of DJ's stature that's bullish imo
How are the charts looking now @BEISHA , we managed to dip to 1.115 yesterday, does that invalidate your wave 3 count?
Sub wave 3 up will only be invalidated if SP creates a new low beyond the sub wave 2 down movement of 107 ( yellow arrow ), in which case the ABC correction is still playing out............hoping that wont be the case.
One must remember, all lithium stocks had a nice rise when the MACRO forces were bullish, but now it has cooled off , so naturally, lithium stocks follow that lead , all in their respective wave counts.
GLOBAL X
Global X had a nice run from 58 - 72 ( sub wave 1 up ) now sub wave 2 down is playing out.......has hit the 61 fib which is a common reversal zone, we shall see if that transpires and sub wave 3 up follows.
RSI 14 is close to over sold, MACD might have peaked on the histogram, so need to see these indicators flattening out....still bearish atm.
Lithium carbonate prices ( 99.5% ) has declined from the peak of 600, 000, now down to 405, 000, a 30% drop, we need to see that stabilise and increase. I dont have a chart to display, IRESS doesnt provide, but INVESTING . COM does.......DYOR.
DOW
Finally, we have the DOW , with sub wave 4 down correction still playing out, had a great run with sub wave 3 up but hit a very strong resistance zone highlighted in red, 38 fib support is a common reversal for sub wave 4 down, so potentially another 700 - 800 pt drop to go, not guaranteed, could go lower.........we shall see
So punters need to be aware of these MACRO forces when trying to figure out why GLN is reacting the way it is.
Bottom line, GLN went from 93 to 128 ( 35% rise ) when the MACRO forces were bullish, only natural that a correction follows suit, when MACRO forces corrects.
As i said before, sub wave 3 up for GLN should be a beauty with upcoming DFS and Greenbush results start flowing in the not so distant future, will be even more bullish when the MACRO reverses up too.
Patience required.
imo
Are we about to explode soon ?Hey @BEISHA Any chance of some commentary pls, some of the others are interested in current sideways movement of the chart. Are we about to explode soon?
Haha, i aint nostradamus Schiok, but if i am looking at the chart technically, there are many green flags to suggest .........HELL YES !!
a) On the EW wave count, the bull flag pattern ( pink highlight ) suggests minor sub wave 3 up is ready to break the bullish symmetrical triangle pattern to the upside. Once this has been confirmed, then the official wave count will be minor wave 3 up, sub wave 3 up .........it doesnt get any more bullish than that in the EW cycle.
b) MACD........green line converging with the red signal line, histogram neutral with a positive bias......green tinge bull.
c) RSI 14 looks primed to break the green 50 line............green tinge bull.
On top of all that, really strong accumulation / base build phase within the 23 fib region.
GLOBAL X
But wait, there is more good news, GLOBAL X looks to be reversing from the 61 fib support line, i mentioned in my previous post that 61 fibs are a common reversal for sub wave 2 down, i also mentioned that we needed to see the indicators flattening out, well as you can see both scenariois are playing out the way i hoped, but still require confirmation.
DOW
But wait, there is more good news, could sub wave 4 down for the DOW be coming to a conclusion ?
ABC correction looks to have double bottomed at 32518, with SP above the 4 & 8 ema and nearly above the 21 ema.
MACD & RSI 14 look to be correcting...............green bull tinges.
Unfortunately tho, Lithium carbonate spot price ( 99.5% )keep diving, now 358, 000, down from 600,000, a near 50% drop !
Overall tho, I think on the current evidence, GLN should have a nice start to next week.
KEEPSMILING is dreaming if he / she thinks the 102 gap is going to get filled !!.......
imo
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Hiya Shiok
Yes it has been a while since my last chart, if i am being honest, trying to avoid you so i dont have to eat humble pie to KEEPSMILING ..........lol,lol,lol
Damn those US banks and lithium spot prices !!
But, silver lining, picked up a nice bargain at 95 for 20k worth, so i aint going to complain
Anyway, lets look at the BIG PICTURE.
WEEKLY CHART GLN
Sub wave 4 made a new low with the MACRO carnage , with SP briefly hitting 89, before finding support at the 61 fib ( 92.54 )
Really hoping thats the low now, cause if it doesnt hold there, then it could drop to 61c ( pink line ), which is roughly the height of sub wave 1 up and still conforms with EW rules.
FYI..........most sub wave 4 downs hit the 38 fib , before reversing, but usually that happens in BULL markets, unfortunately, MACRO has been rather bearish, in particular Lithium prices, which are now down 60% from the highs and still no bottom found.........hoping that scenario reverses ASAP.
DAILY CHART GLN
Encouragingly, MACD & RSI 14 looking bullish, with SP now above the 4 & 8 ema, but to be confident of a reversal ( sub wave 5 up ) i need to see the SP push above the 21 ema and break the 109 - 123 resistance zone.
DOW
Indicators look bullish after sub wave 4 down briefly got below 31600, needs to break that resistance zone to be confident of sub wave 5 up being confirmed.
GLOBAL
Indicators on the Global X look bullish and SP is above the 4, 8 & 21 ema currently, has broken up from the upper resistance trend line, a break of the 61 / 50 fib resistance ( 63 /65 ) would confirm minor sub wave 3 up, sub wave 5 up which will be a shot in the arm for all lithium participants.
DFS cant be too far away, hoping there wont be anymore black swan events before then and the MACRO breaks some of those resistance zones to the upside, if it does, then thats bullish, combine the news factor ( DFS / Greenbush drilling ), perfect storm brewing hopefully.
Time will tell.
imo
@shiok
GLN hit the start of the resistance wall and couldnt push on, hence minor sub wave 4 down was activated
Is that hammer candle ( blue bubble ) the pivot for minor sub wave 5 up ?
1 hour chart
MACD is primed for a break out........RSI 14 has broken the bearish trend.
A break of minor resistance resistance wall 102/103 would most likely confirm the next wave up
imo
GLN hit the start of the resistance wall and couldnt push on, hence minor sub wave 4 down was activated
Is that hammer candle ( blue bubble ) the pivot for minor sub wave 5 up ?
1 hour chart
MACD is primed for a break out........RSI 14 has broken the bearish trend.
A break of minor resistance resistance wall 102/103 would most likely confirm the next wave up
imo
WEEKLY CHART
I believe sub wave 4 down has found support at 90/100, to confirm sub wave 5 up, need to see some progression made to the upside of the red resistance wall, namely 119/126 especially.
DAILY CHART
Daily chart shows minor wave 3 up did hit 119 resistance, but couldnt follow on , thus creating minor sub wave 4 down.
Is minor sub wave 5 up imminent ?
HOURLY CHART
Yellow arrow pointing to a big reversal right at the bottom of the green support zone, now a steady rise, so yes, that blue bubble could be the pivot for minor sub wave 5 up.
Overall, Weekly, Daily , Hourly charts displaying bull.
News would be handy.
imo
How about today's action @BEISHA !!!!! Are we confirmed in up trend?
Are we in a confirmed uptrend ?
As much as we have seen some nice price action courtesy of LIVENT / AKE merger, no confirmation of uptrend .....yet
Reason being, i would like to see a CLEAR break of that 110/120 resistance zone, in doing so, also breaking the bearish upper trend line
RSI 14 has hit over bought 70, looking to back test to 55/50 me thinks.
Looks like minor sub wave 4 down is in action atm with that bearish maruzobo candle following the previous bullish engulfing .
HOURLY CHART
The hourly chart confirms that theory.
Just a matter of where SP lands before the next leg up, 112/115 support zone looks the most likely.
MACRO slightly negative on Friday night, but lithium spot price continues to climb , now up 25% from the low.
See how it plays out next week.
imo
@taofufa , @shiok
Well that SPP purchase plan certainly went down like a lead ballon, GLN one of the worst performing lithium coys with just a 11% appreciation from the previous low of 89 / 90c, compared to 20% + from otrhers.....still it beats bank interest I suppose...
That being said, are those green bubbles the pivot for sub wave 3 up...........finally ?
Need SP to get above the 8 ema first. then break resistance the 100 / 108 resistance zone to confirm change of trend .
Where the heck is the DFS ?
Whats going on with GREENBUSH ?
Need a spark.
imo
Well that SPP purchase plan certainly went down like a lead ballon, GLN one of the worst performing lithium coys with just a 11% appreciation from the previous low of 89 / 90c, compared to 20% + from otrhers.....still it beats bank interest I suppose...
That being said, are those green bubbles the pivot for sub wave 3 up...........finally ?
Need SP to get above the 8 ema first. then break resistance the 100 / 108 resistance zone to confirm change of trend .
Where the heck is the DFS ?
Whats going on with GREENBUSH ?
Need a spark.
imo
Sparrowhawk12
Regular
DFS is now 5.5 months late, originally due for late Dec-2022. GLN/JP hit a speed hump hard. Will take time to reset & get momentum. If they keep to the new high level plan Ann'd on 1/6/23 they'll rise. But unless they hit "gold" at GBS it will be 2024 before we see ATH again.@taofufa , @shiok
View attachment 37760
Well that SPP purchase plan certainly went down like a lead ballon, GLN one of the worst performing lithium coys with just a 11% appreciation from the previous low of 89 / 90c, compared to 20% + from otrhers.....still it beats bank interest I suppose...
That being said, are those green bubbles the pivot for sub wave 3 up...........finally ?
Need SP to get above the 8 ema first. then break resistance the 100 / 108 resistance zone to confirm change of trend .
Where the heck is the DFS ?
Whats going on with GREENBUSH ?
Need a spark.
imo
If 20ktpa LCE DFS is Ann as planned Aug-23 and is accompanied or shortly followed by a strong OT, we may get close to ATH end-2023.
My non-expert gut-feel is that macro-economics are bad and will be until reserve banks start cutting rates to minimise recession (early 24?). So, only strong Lithium producers (& amazing new resource discoveries), will see good SP rises before 2024.
BIG IMO.
Br Sparrowhawk12.
P.S. Beisha, thanks again for your charts & all your posts.
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