Wednesday, November 08, 2017 8:17:11 PM
Fibonacci analysis of SYN....
SYN made a rally from the 41 cent bottom, looked ok until it hits the resistance at 1 dollar. The finished Fibonacci rally target was 1.30 area, SYN got stifled at the 1 dollar zone, and now makes a more extreme retrace ,not like a wave 4 sideways but looking more like a wave 2 , so the rally to 1.05 was a stifled rally that failed to reach the 1.30 target zone. Now it has a chance to begin again, the next rally wave to try and target the 200ma around 1.70, and the various targets from 1.35 to 2.10 area. are possible. but my sentiment on this chart is that the rally that started to look good , got hammered down at the 1 dollar zone. and that shows 'weakness' as the game gets played. a stronger rally should have targeted the 1.30 area. and needs to do that next time as well. Otherwise, the downwave bias might take over again and cap it next time at a resistance shoulder around 85/90 cents.
But If there is positive news driving the rally, and buyers are strongly committed, the rally has potential to continue from the 70 cent support zone, which really needs to hold now...and begin the next rally, thru the 1 dollar resistance and not stop until it reaches the 1.50-1.75 area, the 200ma area. that would be a good show of bullish strength. If theres good reason to expect a rally here ,the technical target zone looks like the 200ma. AND, you've got a good looking reverse head and shoulders pattern on the chart bottom now, with the shoulder zone at 70 area and the head at 41. it looks nice. but will the 70 support hold now. its critical to hold here.
SYN made a rally from the 41 cent bottom, looked ok until it hits the resistance at 1 dollar. The finished Fibonacci rally target was 1.30 area, SYN got stifled at the 1 dollar zone, and now makes a more extreme retrace ,not like a wave 4 sideways but looking more like a wave 2 , so the rally to 1.05 was a stifled rally that failed to reach the 1.30 target zone. Now it has a chance to begin again, the next rally wave to try and target the 200ma around 1.70, and the various targets from 1.35 to 2.10 area. are possible. but my sentiment on this chart is that the rally that started to look good , got hammered down at the 1 dollar zone. and that shows 'weakness' as the game gets played. a stronger rally should have targeted the 1.30 area. and needs to do that next time as well. Otherwise, the downwave bias might take over again and cap it next time at a resistance shoulder around 85/90 cents.
But If there is positive news driving the rally, and buyers are strongly committed, the rally has potential to continue from the 70 cent support zone, which really needs to hold now...and begin the next rally, thru the 1 dollar resistance and not stop until it reaches the 1.50-1.75 area, the 200ma area. that would be a good show of bullish strength. If theres good reason to expect a rally here ,the technical target zone looks like the 200ma. AND, you've got a good looking reverse head and shoulders pattern on the chart bottom now, with the shoulder zone at 70 area and the head at 41. it looks nice. but will the 70 support hold now. its critical to hold here.
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