Falling wedge forming for this copper miner
With the electrification of the world it is clear that the demand of copper will be significant. This is a penny stock so obviously it comes with it's risks. Therefore, we should not be in a huge rush to enter a trade. At first glance this may appear to be a pump and dump, but during this strong downtrend we can see the ceo aggressively making multiple purchases as this ticker goes down, which is a great indication that this is likely a quality project.
What may be forming here may be an ABCDE correction so I am waiting for wave E to form before entering. it could be at the trend line, the gap fill or even 0.64. Though I would likely wait for a bullish divergence on the 4 hour before entering. At December we can expect some tax harvesting occurring bringing this down even more since they have likely bought the top. Patience is the name of the game to limit the risk and maximize RR. A similar set up could be seen at my GPV post with the abcde correction + ceo buying and that has played out quite well so far.
What may be forming here may be an ABCDE correction so I am waiting for wave E to form before entering. it could be at the trend line, the gap fill or even 0.64. Though I would likely wait for a bullish divergence on the 4 hour before entering. At December we can expect some tax harvesting occurring bringing this down even more since they have likely bought the top. Patience is the name of the game to limit the risk and maximize RR. A similar set up could be seen at my GPV post with the abcde correction + ceo buying and that has played out quite well so far.
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