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Well we did make it to the support level after all, time to go back up now :)
RE: Back to where we were 3 months ago...11 Oct '21
Yes agree, the downside should be limited from here, 200 the bottom of this wave, if it goes that far. should start rebounding soon.
yes.
See the 5yr chart for details.
The Elliot wave reset in March 202 falling below 60. Wave 1 then reached around 125 in August 2020.
Since then and until today August 2021 we entered wave 2 corrective wave ABC pattern. It looks like Wave 2 has now completed, support around 80 if we fall below this then i shall have to recalculate.
Otherwise wave 3. Wave 3 will be confirmed with a break above 100. The rise could be very quick.
I bought in at 97 in anticipation of this scenario playing out.
However fundamentals do not yet support a big SP rise, therefore its a waiting game.
SP ideally placed though IMO
The shares have already drifted South in the last 3 months in anticipation of these results.
The outlook for the next reporting period is already firmer, so I expect the shares to pick up again over the next few months.