ASX: LEL - predicted $1.40, soon to be a lithium giant.Hopefully we close above the 50ema today, otherwise we'll be opening bellow it on Monday.
I believe we've already broken out of our "bear" market.
Using the Volume Profile indicator, I've found key areas where price reverses its trend. Every dip bellow the POC has been followed by large growth. Considering SP hit a 2 month gain of 104% after it dipped bellow the POC, it's safe to say the market is reacting to that and retail investors are taking profits. This is healthy market movement after a company doubled their MC.
Now, SP is sitting at a very key level, perfectly sat within the .5 fib, and price action moving closely to the POC. A dip bellow it in my books really wouldn't be the end and could probably cause a huge jump in SP.
The 2 Month POC is going to act as a level of resistance once price action moves closer, but breaking that will mean huge moves.
Ghost trend isn't meant to represent expected SP movment, simply a guide to show current trend. (We've been moving up for months, clearly we're just looking at a healthy market retrace)
$1.40 Level could see some heavily selling once reached due to past double top pattern at that level.
