Brace for Impact? Critical support line being held
Could this be the final leg down, Wave 5 capitulation? I'm watching this closely, the only think holding is up now is a long term trendline. The chart is very nice, a massive 5 wave supercycle which has peaked. We have been in a long bear market and there is no clear catalyst to suggest that a recovery is on the horizon.
Lithium prices have tanked and ALB is sitting on a lot of supply due to overproduction. The Chinese demand for lithium is strong but North America and Europe remain weak.
If we fall out of this wedge pattern and lose the current price, we could easily tumble down to $71 to retest support. If we do get down to that level I expect capitulation down to $63 which is the NPOC.
Keeping an eye on this, i'm not shorting but also not buying.
Lithium prices have tanked and ALB is sitting on a lot of supply due to overproduction. The Chinese demand for lithium is strong but North America and Europe remain weak.
If we fall out of this wedge pattern and lose the current price, we could easily tumble down to $71 to retest support. If we do get down to that level I expect capitulation down to $63 which is the NPOC.
Keeping an eye on this, i'm not shorting but also not buying.
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