Hello Traders,
Looking at the chart for Elementis PLC ELM we can see a nice set of Elliot waves. Price looks to have completed an ABC retrace to the 0.618 fib level in log scale.
The bottom of that wave 4 coincides with the monthly 200 MA which it has bounced off. Price looks set to complete a wave 5 here.
I have put a target area of 686 which is a 1 to 1 extension of wave 1 which also lines up with the middle of that channel.
Looking at the chart for Elementis PLC ELM we can see a nice set of Elliot waves. Price looks to have completed an ABC retrace to the 0.618 fib level in log scale.
The bottom of that wave 4 coincides with the monthly 200 MA which it has bounced off. Price looks set to complete a wave 5 here.
I have put a target area of 686 which is a 1 to 1 extension of wave 1 which also lines up with the middle of that channel.
Comment:
The monthly chart showing oversold on the RSI and support from the monthly 200 MA.
