Wednesday, December 18, 2013 1:56:02 PM
Not sure what your chart posting was about. That chart is from August. and doesn't show anything .
Heres what I see now.
BTX failed at 4.20 top and has been sold back below 4 dollars, and shorted down to the 3.50 bottom support zone now. Today 'bottomed' at 3.40 and made a good bounce , so far.
But.... a big task lies ahead for any bullish recovery,in the coming days, BTX needs to return to test the hard resistance zone around 3.70-3.80 area. This zone needs to be carefully watched for weakness. Short sellers will attack there at 3.70. we will see how strong their effort is. If the shorts fail to drive BTX back to the bottom, then we might see a second rally effort to retest the 4 dollar zone. But all this needs to be watched before any long term forecast can be projected.
The 4 dollar zone has been key for two years.
Sellers have attacked BTX at every top zone for a long time now.
That big move up from 2.67 to 5 dollars a year ago was very impressive....but since that time, BTX has shown nothing but weakness , getting sold down and down and failing at every interim top zone , pushed below 4 dollars, and here we are at 3.40.
The more times we see BTX fail to hold above 4 dollars , the weaker it becomes in my eyes.
But having said that....as I look at the weekly chart....it IS possible to see the wave structure as a 5 wave bullish structure, starting from the 2.67 bottom and the soaring move to 5 dollars as Wave 3, followed by the whole year 2013 slide down as a Wave 4..... look at the subwaves of this sideways/down slide, you can count them as an ABCDE pattern, a wave 4, that Might be, might be, completing now as BTX bottoms at 3.40 now.
IF this could be the completion of the Wave 4, then we should see the next rally show strength going up, thru all the resistance , thru 4 dollars and retesting the 5 dollar top zone.
This is what Should happen IF BTX is in a bullish trend pattern,long term.
IF this kind of rally does Not happen, and all we see is more failure at 4 dollars, or slam down at 3.75 back to these bottoms, then BTX is showing weakness that will make me want to sell a lot as soon as it returns to 4 dollars.
I own twice as much as I should, so I would sell half. and hold the rest. and if it returns to 5 dollars I think I will sell half there either way. There are other biotechs that are moving. BTX seems too stagnant struggling at 4 all year.
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