price action continues to play along technical patterns...
hitting resistance at 6.35 and falling back. hitting support pullback territory 5.75 that can extend down into 5.55-5.35 as a zone. ...and the elliott wave structure continues to make it look like a wave 4 ongoing that might finish a wave 5 in the 6.70-7.10 zone as a target area. The next pullback target IF this wave structure plays out, could retarget the same 5.50-5.60 zone we are testing now.
I expect traders might take some profits at the 6.70-7 dollar target zone from this rally wave pattern.
Another GALT 1 dollar pop from here would take it right into the 'wave 5' completion zone, and extentions or not, could make it run into 7.10-7.50 territory. but I think that could be a bit wishful at the moment. lets see what happens at first resistance, which would start around 6.40-6.70 area.
Larger waves to dream about, with mathematical play dough, might be something like this
from a bottom at 4.28
to a First wave top at ,lets say 7 dollars, as a greater wave 1 of 5 (or Wave A...of ABC)
could then pullback in (Wave B ,or wave 2 of 5) back to the Fib zone and call that around the 5.50-5.60 area
Followed by the next rally Wave C of ABC,or Wave 3 of 5) and offering another 2.75 movement would take price into the 8.25 zone as a target area,for Wave C, and for a wave 3 ,higher, like 8.50-9 area,
A Bearish correction , as an ABC wave that ends around 8.00-8.40 area, would begin another downwave to retest as low as it can go.
But a Bullish wave pattern, would be looking for a higher target zone ,above 9, that tests the area of 10.70 (where old resistance lies) to 11.70 ( also old key resistance)
Playing with math equations to get these numbers,by using the measurement device 162% of wave 1 distance calculation . (I find it often works uncannily)
and a starting point of the recent 4.28 bottom to a target top anticipated at 6.70 on the low end and 7.10 on the high end, produces the resulting target top zones....and interestingly happen also to be big resistance pivot point zones from the "pre- cataclysmic era."
If one can glean a sentiment by watching price action,demonstrate a bullish or bearish mood,a telling sense of impending direction....it might be to watch what price does when it plays around the 8 dollar area, what weakness it shows there, or strength to push on towards 9. failing at 8.40, unable to pass 8.50, or else holding strong and pushing into 9 .... likewise, what price action does after the current rally tires out around 6.70-7.10(IF it does) how strong does the support hold at 5.50 again, and how strongly does it run past 7 dollars to target 8. What I'm describing is the art of watching price action, if its followed daily and intraday, it gives a sense of the strength of movements.
The way the technical chart looks so far,the key zone that acts as a battle line balance point between bullish momentum versus bearish ABC Failure, looks like it would take place around the 8 dollar zone. (7.70-8.40)
The price action in the current zone 5.70-6.35 will become a critical support zone in the next wave pattern cycle,after the current cycle top zones are reached around 8.
something to watch for , later on.
