Innovation Pharmaceuticals Inc (IPIX)

[I Need Help]

Looking on the daily chart, which is probably the technical favorite, both timeframes are showing cup and handle formations. The shapes are different, but the patterns are similar.

Cup and handle formations are one of the most positive of formations. The shape shows price decline, consolidation for a good period of time (and best with daily/weekly charts), right side of cup reaching left side, minor breakout, more consolidation; then, big breakout, often followed by rising flag formations. At this point I like to start counting cycles (5 wave Fibonacci). The first three waves are fairly certain. Wave four less, but with good potential. Wave five less again, but could be explosive. Each wave can often be assessed by further TA.

By the way, I made mention of the current formation before it took complete form, weeks ago. Probability and not certainty.