Shaping up

I got into IGO a little early but the low from yesterday was a third higher low and today's action has pushed through the previous day's high. If this is the start of another swing higher, then it will begin to look more like a change in trend than a small corrective bounce and may start to gather some support. It will need to finish reasonably well but early signs are good.

11.50 am I've bought a position in a small company called Clean Teq, CLQ, which is primarily known for its potential as a cobalt producer where growth in demand is expected to be driven by growth in production of batteries. It had a very strong run earlier this year from a low of 45 to a high of 118. It retraced to 54 in early June since when there has been a rally back to 84 followed by a retracement of this drive. I think there'll be another leg up from that low of 64 and using wave equality as a rough guide, I get a target of 103. My entry price is 74 cents and currently trading a little higher at 75.5 cents.

4.19 pm It was a good day for resources and it would have been wise to hold onto MIN for longer. I bought FMG on the close at 527. It's a nice resumption after a minor pullback over the course of a week.

I'm hoping for a quick move into the 550s.