Friday, November 18, 2016 5:17:40 PM
PVG the bigger picture.
Trying to determine the right energetic topping point. several to choose from. 12.41/12.24/12.09/11.59...I like seeing them all. and they all configure ok into the chart picture ,so it makes it more uncertain, but somehow, the clarity will come soon enough, alongside using the pivot points and key moving averages, etc, counting the Elliott waves, and seeing the Fib targets, which points get hit,and which ones don't... gives the picture of target zones to watch for. The chart shows the great 2016 rally PVG made, and the ongoing pullback that has stopped so far at the 7.78 low. prior to that was 8 dollars and now a left shoulder at 8.25. Today, the latest retrace came down to hit 8.20 and bounced a little to end the week. The battle now in this wave structure is to see a continued rally bounce try to test the 10 dollar shoulder zone,and whether it Fails at 9.40 or 9.70 resistance area. that would become a bearish tone to the chart ,and could generate the next downwave to retest the 7.75 area and the lower targets at 7.27/7.00 and into the 6.75 area. whats in that zone for a target? the 200ma. Its in play . Maybe the low will hold at the 7.75 ,but its early to say yet.
The current bounce needs to test the higher targets closer to 10 dollars in the current effort. why would it fail here at the latest peak,9.18....it should not. PVG has come down from the 12.40 (12 dollar) top zone to retest the 8 dollar Fibonacci zone. That's normal, and now what should also be 'normal' is to see it bounce back to retest the 50 % fib the other way, and that means targets closer to 10 dollars (9.75-10.50) area.
IF PVG shows strong weakness next week, and fails to bounce higher toward testing at least 9.70,I see that as a danger sign, that the miners might get hammered some more with determination to target the lower targets on the charts. For PVG that low zone is 7 dollars and 6.80 area where the 200ma is waiting. It would be an automatic buy for me. and just as the recent peak at 10.75 was an automatic sell target,the next resistance level around 10 dollars,IF PVG bounces to get there, might have to be a sell target as well. So the trade set up might start looking like ..... sell some at 10 area and buy some at 8 area. and buy some at 7 area. and sell more at 10 area again, ....until you cant stand it anymore and you go live in a thatched hut in the forest somewhere.
and as I realize more now...theres a lot more of this Fibonacci to study.
Trying to determine the right energetic topping point. several to choose from. 12.41/12.24/12.09/11.59...I like seeing them all. and they all configure ok into the chart picture ,so it makes it more uncertain, but somehow, the clarity will come soon enough, alongside using the pivot points and key moving averages, etc, counting the Elliott waves, and seeing the Fib targets, which points get hit,and which ones don't... gives the picture of target zones to watch for. The chart shows the great 2016 rally PVG made, and the ongoing pullback that has stopped so far at the 7.78 low. prior to that was 8 dollars and now a left shoulder at 8.25. Today, the latest retrace came down to hit 8.20 and bounced a little to end the week. The battle now in this wave structure is to see a continued rally bounce try to test the 10 dollar shoulder zone,and whether it Fails at 9.40 or 9.70 resistance area. that would become a bearish tone to the chart ,and could generate the next downwave to retest the 7.75 area and the lower targets at 7.27/7.00 and into the 6.75 area. whats in that zone for a target? the 200ma. Its in play . Maybe the low will hold at the 7.75 ,but its early to say yet.
The current bounce needs to test the higher targets closer to 10 dollars in the current effort. why would it fail here at the latest peak,9.18....it should not. PVG has come down from the 12.40 (12 dollar) top zone to retest the 8 dollar Fibonacci zone. That's normal, and now what should also be 'normal' is to see it bounce back to retest the 50 % fib the other way, and that means targets closer to 10 dollars (9.75-10.50) area.
IF PVG shows strong weakness next week, and fails to bounce higher toward testing at least 9.70,I see that as a danger sign, that the miners might get hammered some more with determination to target the lower targets on the charts. For PVG that low zone is 7 dollars and 6.80 area where the 200ma is waiting. It would be an automatic buy for me. and just as the recent peak at 10.75 was an automatic sell target,the next resistance level around 10 dollars,IF PVG bounces to get there, might have to be a sell target as well. So the trade set up might start looking like ..... sell some at 10 area and buy some at 8 area. and buy some at 7 area. and sell more at 10 area again, ....until you cant stand it anymore and you go live in a thatched hut in the forest somewhere.
and as I realize more now...theres a lot more of this Fibonacci to study.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
