Ed,<<<<For comparison purposes between PLM and MGJ.>>>>>>>
Ed, I found MGL chart is very similar to that PLM so I suggest that it be good idea to watch MGL, PLM while see-and-wait LAB.
IF MGL follows PLM [It appears all SVB stocks hit new hi, before news is out [Maybe anticipating NR, I guess.] then after news is out and "AS GOOD AS YOU GETS' feeling kicked in, then retracement mode followed.
So it is going to be interesting to watch that MGJ too.So is comparison with PLM.
MGJ breakout .40 neckline hit new hi, to, .47, and subject to that retracement except Friday closed @.46 with small volume though, from Tuesday to Thursday, it showed a bit retracement mode, maybe Friday is a pennet pattern.
MGJ last rallied from .33 to.47 gains of .14 [let say .15 for easy calculation ]
1/3 retracement .15/3=.05 @.42
50% retracement .14/2=.07 @.40
2/3 retracement .15/3X2=.10 @.37
Again that 50% retracement is @.40, that breakout neckline,
So MGJ could very well be retraced to that .40.
Ed, you see every SVB stocks follows that 50% retracement rule.
This would convince me that DML, MGD also follow that as I mentioned
in CWA thread.
I find this pattern or general rule is interesting, isn't it????
Also, this pattern or general rule will be broken, IF any others unforeseeable disturbing market factors happening, for example gold price jumps $$25.00 a day but that looks unlikely, but who can discern what is going to happen in the near future.
John.... |
