LIT Lithium ETF Weekly Chart; Neggie D and Rising Wedge Spankdown

LIT was lit up like a Christmas tree for two years pounding out record highs month after month. People have chased into lithium believing in the need for batteries. Timmy Tech was bragging at the water cooler as the year began that he placed his life savings in LIT since it is guaranteed to go higher because of the need for batteries. Timmy does not talk about LIT anymore although he says now he is a long term investor.

The top was an easy call with the neggie d (red lines), overbot conditions and rising wedge. The collapses from rising wedges can be quite dramatic. LIT receives the neggie d spankdown. Anyone believing in Elon Musk and the tech industry's need for lithium batteries, that bot LIT from last September to now, has lost money.

The indicators are weak and bleak wanting to see more lows in LIT going forward on a weekly basis. Price may bounce since it is at the lower trend line of the blue channel but the downside should resume. Perhaps the demand that everyone says is guaranteed this year for electric cars and gadgets and electronics of all shapes and sizes, may be in error.

As Nirvana's classic Lithium song refrains, "I'm not gonna crack." Well, lithium cracked. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.