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...
Buy Elementis (ELM.L)
Elementis plc is a United Kingdom-based specialty chemicals company. The Company operates through two segments: Specialty Products and Chromium. The Specialty Products segment provides functional additives to the coatings, personal care and energy markets.
Market Cap: £895Million
The bearish momentum in Elementis appears to have slowed...
Expect a strong pull back here or just above in Elementis PLC, the smaller confluence of multidiagonal lines suggests that for the time being the stock is topping out and this view would be corroborated by similar patterns on the wider global indices.
