GGPChat

Ramelius is listed on ASX.


Chart 1: Weekly
A bullish set up with a completed Gartley pattern with HSI confirmation popping at the same time AmpRSI. However, the AmpRSI has a complex structure which could mean consolidation in the PRZ. Also, its not unusual for that HSI to check back (retest) its low (Green arrow).

The Deep crab pattern (Not confirmed) is also a bullish pattern.

What's obvious is predominant trend is someway of being broken. However, the recent trend line accelerated towards its completion and this is typical of a Bat Action Magnet move (BAMM) to the pattern completion.

Personally i will be treating this as a reaction in the first instance.

Chart 2: Daily
Here we see back to back patterns. First the Bat completed the Type 1 move to its Target 1 crucially bouncing off the predominant bearish trend with a continuation with a Type 2 return move. The following Deep Crab has completed, reacted before breaking down at the local trend and has recently tested the HOP level which has (for now) provided support. Its actually moved +21% in 4 days upon the test of that level ! Its still in the zone.

Given the weekly and daily patterns, HSI & AmpRSI indicators aligning you can see why this latest reaction happened but caution ! The weekly did indicate possible retests ahead. What this means is further consolidation will likely be required as we approach that local trend limit (red dashed line). And given where the levels are (BC, XA and The HOP) there is no rush. But i will keen to continue watching this one for further evidence of the bullish case and possible entry.

No advice here, as always DYOR.

Love it!

So we did get that consolidation retesting the 161.8 (Weekly Gartley), the BC and XA. Lovely set up and off she went. No target hit yet but as this should be treated as a reaction management of position should be the name of the game. After that entry there other opportunities but this one currently sits at 58% in the money.