Price recently broken above a downtrend, coming off a significant low, made a new uptrend and making higher weekly troughs and peaks. However, it isn’t all rosy because after breaking that downtrend price broke and closed below its new uptrend for 2 consecutive weeks (a sell signal). Also price fell below the last trough prior to the uptrend break (30 July). In charting that fall negates the earlier break above the downtrend and is a strong sell signal as it suggests lower prices. Personally, I feel the positive aspects of IFM's chart outweigh the negative.

IFM 19Nov21

14 August 2021

IFM has been falling more than it has been rising for the past 2 years but it recently broke above a downtrend line, which is a significant buy signal. Price would appear to have completed Elliott Wave No2 and started up on W3 - which is the strongest and longest rising wave in a price cycle (another good sign). Price has not yet made a new weekly uptrend or a higher peak following a higher trough - so a buy at this time comes with a degree of risk.

Price movements suggest potential targets of $1.82 and then $2.00 - assuming price does move up from its present level.

IFM 14Aug21


Robert Norman

Phone: 0428 346 951

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