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Well that was bizarre
Huge volume then simply collapsed back to normal levels
Closing auction could be interesting later
Volume has been very good of late with averages near 4 to 5m daily which has been a surprise considering that SOLG was doing around 1m per day when news was absent and drifting.
We've seen days like this before whereby you get virtually zero trades and then suddenly AT's kick in and 1m volume appears or slow all day and then a 10m block trade gets printed after close.
I think it's important to look at the average volume over a 30 day period rather than just a comment on first 2 hours of trading day.
Says it all? Well not really Redknight.
The 30 day average volume 'says' the opposite to what you are implying.
In the first 90 minutes...
Says it all...
Further to my earlier rants about waves and time forecasts, it is usually postulated that the amplitude of waves is proportional to their length, therefore, based on my previous forecast of upcoming price spike in October 2023 and April 2024, the projected prices at those times based on previous waves amplitudes, would be 25.5ish for October 2023 and 30.2ish for April 2024.
Quite depressing really, LTHs would hope to be at a higher price at those times.
There you go, you read it here first!
We all know about the pending supply deficit, but worth a listen to for any frustrated investor here, one day Rodney...
https://www.youtube.com/watch?v=jP_t1lo0ZgA&ab_channel=WallStreetJournal
From Mining.com
Copper price slump will give way to record buying spree, Citi says
5 Million Tons deficit currently
Is the collapse in Copper Price, the calm before the storm?
https://t.co/TwVOsrBiz7M
Also - quick thumbs up to Sean
An old pal of mine - straight talking - says it how it is and an all round good guy - rubs a few up the wrong way but good on ya I say
I’m still hopeful we get a good return here - but what a ride !
Drinks one day - win or lose
Parabolic SAR positive, supertrend still negative but getting closer to reversing, RSI kind of neutral but definitely more upside than downside, ROC(40) in negative territory but trending upwards.
I would say that the market is not going to go lower, and if I was not horribly long already I would top up in size.
Jut my thoughts, DYOR.
We seem to building a base around 16-17p. And you know what they say...
'The bigger the base, the further in space!'
Waiting patiently. C
Last month or so we've seen decent volume with main II action being filled by mm's at around 16.8p/17p levels. These levels virtually identical to the pricing on the Chinese equity placement last year but also not far from CGP post merger value.
Blackrock UK fund look like they have fully sold out. However, Blackrocks other funds (non UK based) have started to buy stock based on Morningstar data. Fidelity appear to be the main sellers at present/providers of stock to the mm's.
I think the pricing being aligned with the chinese equity placing is uncanny and might suggest the Chinese are happily to add at these levels. And why not? They took a decent wedge at same level not long ago.
I get the distinct feeling that the mm's seem very happy and content with the 16.8p/17p level. The drops to the mid 15' or low 16's seems for pi's only lol!
@Bozi, waves are a very well known but yet vastly misunderstood and largely underestimated topic. Understanding the Y axis is only half of the trading challenge, the x axis being equally difficult to manage. Do some reading, it's fascinating stuff, and it applies to all kinds of natural, social and economic phenomena.
TheItalian
You are aware that past performance should not be used as a guide to future return?
Pretty much the oldest investor adage out there.
If it comforts you though...
Did the elliot wave tell you about mather being sacked. Dit it tell you about lasso impeachment., did it tell you about early election, did it tell you about ukraine war, did it tell you about indigenous uprising. NO. ITS MUMBO JUMBO
I would rather find comfort in number crunching than BB gibberishing.....
So, running close prices starting from 10 Feb 2006 (earliest data from Yahoo Finance), using the Excel Data Analysis pack, I ran the Histogram function.
The data returns relevant waves of 37.88 days. 26.14 days, 20.66 days, 8.14 days, 4.23 days.
This corresponds, in calendar days, to 53.03, 36.6, 28.92, 11.4, 5.92.
If I take the longest wave (53.03 calendar days) and I plot multiple intervals of 53.03 days, like 53.03*2 or *3 or *n, I get a number of theoretical harmonics that should correspond to actual recorded price movements, within an acceptable interval.
As it turns out, I could get 24 such peaks matching the theoretical dates, within around 1% tolerance.
The four major peaks we have seen in the last meaningful years (April 2017, October 2018, October 2020, April 2022), all fall in the pattern, and the long term implication is that the peaks are distanced at either 1.50/1.54 or 1.99 years from one another.
Soooo, if there is a rhythm hidden in the SOLG price oscillations, there are two upcoming dates that might result in a relevant peak, either 1.50/1.54 or 1.99 years from the last one.
That would be 12/10/2023 (=1.50) to 26/10/2023 (1.54), or 7/4/2024 (=1.99).
If I had to fantasize in Elliott terms, I would go as far as guessing that October 2023 might be a W3 peak, and April 2024 a W5 peak. Who knows though, just trying to rationalize this madness......
GLA
Two candidates named Guayaquil Guayas, what are the chances of that ?
Is that the Equadorian equivalent of John Smith ?
Three candidates declared so far.
Guayaquil Guayas, he was the vice president between 2018-2020.
Another person also called Guayaquil Guayas, he is currently serving on the national assembly.
And lastly Alausi Chimborazo, who is also a current member of the national assembly.
Mather has done this every/most years for as long as I can remember…. Nothing to see here..
Less than 0.02% of shares in issue. Downward pressure, sure, but doesn't explain drop to current lows. Think it is more than just NM and BR selling in recent months. Red alone tells us he has sold at least 20x this many shares most weeks!!!
Its no wonder the SP has been on a downward trend recently with Mather selling a huge wedge for Charitable purposes ?
I look forward to the mea culpa.
DG ….. I shouldn’t bother …. It’s no secret that you and a few others have chatted with Solg ….. thanks for sharing
Eish, are you invested in a giant tier 1 asset, or solg? I won't insult your intelligence by pointing out the difference.
If only we could invest directly in the minerals in the ground, then it wouldn't matter about the corporate or political position surrounding the company!
I dont need attention Needalife - I'd be happy for you to reach out directly to me and can find a way to provide you with my email or telephone number (Im active on Twitter and also Telegram)- I'd be happy to talk you through my call with Scott. Or indeed if you want to go directly and ask for confirmation that the call/zoom took place feel free to email Christina - who set the call up and also joined the zoom - I'm sure she'd have no problem confirming that the event took place.
Not looking for an argument with you - just looking for a way for you to validate your own opinion that my call was somehow constructed in my mind......for what benefit I have no idea.
If you choose not to do any of the above - Ill assume your angle here is merely to disrupt - its a genuine olive branch