Member Info for RICH3R

DG1 = a good person imo :D And there are plenty of others here too

Hi Grim, much as I don't spend 24/7 logging on here, I've not seen Jim recently posting. Who knows ?

hello FR, but you've lost me there ?

I've used what I consider to be 3 significant high points for my resistance line.

I can't see that the downtrend was broken until the 5th September 2018 - the day of the BHP holdings RNS.

What date do you say that the downtrend was broken above then ?

Strider if you've a TA system that works for you then that's great :)

As to your point about the current support being short term, yes of course I agree, and that was the point I was trying to make in my last paragraph about it being too steep. But that was the current support line on the line chart, so I drew and labelled it as such because as of now, that's all I have to work with. I agree that a more gradual uptrend will be more sustainable, but that will only likely develop if a buy out doesn't happen first ?

hi earthling, I sincerely hope that BHP or BHP + another, buy this outright and soon.

I know there's a strong argument about allowing the drilling to continue and further prove-up what a wonderful resource we have here, and hence that would raise the amount we shareholders would ultimately get, but I've been in SOLG for 5 years now (others have been in much longer) and I'd like (perhaps selfishly) to see my investment reap their ultimate rewards sooner rather than later - or much later if SOLG were allowed to take this to production.

I'd be very happy with £1 per share and anything more would be a huge bonus. I certainly don't expect to see £2+ per share as some have posted. But WDIK ?

It really must be a game of cat and mouse between the players we know of and the potential ones we don't, and the stakes are high !!

hi schlemiel, thanks, and well pointed out about the low volume we're seeing at the moment. I intended to mention this but then forgot - lol.

I know TA and TA chat gets on some folks nerves, but a lot of peeps like it too, so a bit every now and then is fine in my book :D

Morning Strider, you're clearly referring to the SP currently sitting on the support of the Candlestick chart?

I always like to look at daily Line charts too, for they can be just as revealing.

Just to quickly illustrate this (for general info, not teaching to suck eggs), I've drawn major lines of support (S) and resistance (R) on the SOLG Line chart over the last 27 months or so and they show how useful they were at showing bullish or bearish trends, and in particular, when those trends were reversed as the SP broke below the support (June 2017) heralding a bearish trend, and when the SP broke above the resistance (September 2018) heralding a new bullish trend :

https://invst.ly/951nv

As can be seen, the SP has currently fallen below the support. Let's hope this is a very temporary state of affairs, and to be honest, it could be argued that the support line was looking a little steep anyway - similar to that seen in Autumn 2016 which I've highlighted with a pink line, and which couldn't be sustained. (Clearly the latest bullish trend has been driven by the BHP activity).

ATB

Hi FilthyRich. Entirely your call whether or not you believe in Elliot Wave Theory- clearly I do but I accept your observation that it's sometimes difficult to know whether the SP is observing the pattern? Aint that always the case with TA ? AND clearly not all bullish runs/ corrections, adhere to the EWT. As to your Cup & Handle chart - I suspect you know that C&H patterns don't normaly operate over such large periods of time? Who knows and any further activity by BHP or others will hopefully see our SP ROCKET !! Whoosh

Notwithstanding / because of ? .... BHP's 2 recent interventions, the SP has seen a rise since 4th September 2018 roughly in line with an Elliot Wave, 5-Wave-Impulse pattern (and not too far from the chart I posted on the 23rd September).

That leaves the current SP being in a possible Elliot Wave, 3- ABC-Corrective pattern.

I think other posters may have also posted about the same?

IF so, we may be in the C Wave dropping down to an intraday low around 33p (78.6% FIB retracement level - of Wave 5). The A Wave dropped the SP to around the 61.8 FIB / 36p level, before the B Wave recovered back to circa 40p.

Just a few musings while we await the widely anticipated fireworks here - which will hopefully be within months and not years !!??

morning schlemiel, i also appreciate Level 2 info being posted by Q, yourself and others as it gives interday interest in the goings-on of the sp, but a word to the wise; i think i'm correct in saying that it's actually breaking LSE posting rules to post L2 info - presumably because LSE wants people to buy its own L2 service ?

schlemiel they'd be a bit conspicuous dressed as gorillas because I don't think there are any gorillas in Ecuador ;D just saying lol

The problem - if you can call it such - is that the BHP buy set the benchmark at 26p, therefore imo other parties providing any potential funding won't want to pay much more than 26p at this stage. But we may not have a fund raising ???

Very disappointing fall in the sp this week. It certainly feels like a fund raising is coming and probably in the 20s. Who knows ?

Steady shippy - a myth is absolutely nothing to do with gender ! Check your Dictionary mate ;D

Hold (or buy) for gold (& copper) :D

Hi Solgfinger2, I hope you're right and TBH whether it's broken this week or next, or next month etc. is fairly academic to LTH's.

The calendar-year-high was 39.715 pence on 6th October 2017. Today we reached smack on 39p. Took me a little by surprise if I'm honest as I anticipated a test of 40p or at least 39.715p. Splitting hairs I know, but maybe significant for now ?

It will be interesting to see what happens tomorrow.

BNc, in reply to your 13:05 post, yes maybe?

I know you are really into EW theory and the smaller 5-wave movements within larger 5-wave movements.

Enjoy your hollibobs :D

No problemo AK, and please bear in mind that I only posted about the EW pattern as something which might be occuring. It might not be. That said, the sp looks as though it might have peaked for today ?

Here are the Fibonacci Retracement levels and prices relating to wave 3, which might come into play in Wave 4, please note that they are approximate prices for the high and low of Wave 3 because it's very fiddly to draw the exact levels on the chart :

https://invst.ly/8p09t

Hi schlemiel, "RSI overbought territory can exist for extended periods" yes it certainly can, but it typically hasn't done so on the SOLG chart in the past, which has typically seen RSI bouncing along between the accepted boundaries of 70% and 30%. When it rises above 70% or falls below 30%, it typically bounces back again fairly quickly.

But who knows what will happen next ?? :D

Hi AK, I can't give you any hard and fast figures about where Wave 4 and Wave 5 might fall and rise to respectively because they clearly differ on each occasion.

But Wave 4 shouldn't fall below the high price of Wave 1, so on the SOLG chart, I wouldn't expect Wave 4 to fall below 30p at the very most.

Quite often, Wave 4 retraces to Fibonacci levels - so 23.6%, 38.2%, or 50% etc of Wave 3.

As to Wave 5 it's often a small wave taking the sp a bit higher than the top of Wave 3, but as the sp rises it starts running out of steam as the sellers bank profit. But Wave 5 can be a large wave too on occasions.

The EW theory says that of the upward waves - i.e. Wave 1, 3 and 5, Wave 3 shouldn't be the shortest. Well on the SOLG chart, Wave 3 is already longer than Wave 1, so that rule has already been observed.

Had Wave 1 been longer than Wave 3, we'd be looking for Wave 5 to be shorter than Wave 3 - so that Wave 3 wasn't the shortest. But on the SOLG chart, Wave 5 could be longer or shorter than Wave 3 and the rule would still be maintained.

All that said, the tricky thing about EW patterns is knowing whether you're actually in one at the time or not, because they don't always happen.

Hope this helps a bit, and there's plenty of light reading on the internet on the EW theory.