Maybe not today Sam. Soonish?
Looking at the fib numbers, the first wave on this move off the double bottom was from .63-.94. A 31 cent seed wave, was continued past the 1.38-1.62 level (ie .31 x 1.38 = .43, so .43+.63 =$1.06, or .31 x 1.62 = .50, so $1.13.....'standard' expected fib retrace was ($1.06-$1.13), 'strong' fib retrace level was $1.44ish, which was also easily passed. This alone indicates that the next seed wave fib level ($1.94) would be a logical target.
Of course, the drop from $5 to .63 sets up $2.30 as the minimum retrace level....
We have now had a shallow 'bull pull', coming back to the $1.20 level. Which means we have eliminated a bit of the overhead angst accompanying this first move off the bottom, and could rise further anytime soon (based on a continued marketing effort like the one we have been seeing, spiced with some tasty news bits. Once we have definitively broken the down trendline, $2.30 is probably in sight.....where ever this ends though, $2 or $2.50, it'll just be the first move in a 5 part series that sees us test new highs sometime just prior to, or just after the PFS comes out
Whatever the future may hold, good luck to all. $1.48 gets $1.94. :-) or $2.30 :-) |
