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.
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The monthly chart showing oversold on the RSI and support from the monthly 200 MA.