CML 0.00% 2.3¢ chase mining corporation limited

possible shorting opportunity...

  1. 436 Posts.
    Hi kiddies,

    CML is approaching the top of a large channel (yellow lines). It's also possibly in an Elliot "headlock", ie, the move from the bottom of the channel to now can be counted as a 5-wave impulse, but the 1st wave is longer than the 3rd, so the 5th wave MUST NOT be longer than the 3rd (3rd can't be shortest). This puts an upper limit of $7.31 on the 5th wave (red line).

    If it IS an impulse up, then CML won't be going back down to the bottom of this channel. I rather think CML is likely to "bounce" off the upper yellow channel line in a downwards correction before resuming its current uptrend and breaching the upper yellow channel line.

    If that "bounce" happens, it could be substantial, eg, possibly down to somewhere within the prior 4th wave ($6.94 - $6.31).

    Of course, I could be wrong, and CML might just go straight through the upper channel line with nary a look back - but that's why we set ourselves stops and limits...



    Regards,

    Ultrafart.
 
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