Tuesday, April 01, 2014 11:07:30 PM
ELAY 6 month chart formed a CUP & HANDLE pattern.
I didn't notice this chart formation until this evening. Clay, you may want to weigh in here.
You can clearly see a perfect CUP has been formed from the end of November 2013 to mid March 2014.
The handle is forming nicely from March 18th through to today and has based at .0007/share
Usually stocks break out to the UPSIDE after a multi-week handle has formed.
This appears to be the case with ELAY, regardless of how terrible the financials were.
A firm support base with 200,000,000 shares of bid support resides at the .0006 level.
Keep in mind that ELAY has crashed down through all of it's Fibonacci retracement levels, and is presently OVERSOLD from a chart pattern perspective.
I didn't notice this chart formation until this evening. Clay, you may want to weigh in here.
You can clearly see a perfect CUP has been formed from the end of November 2013 to mid March 2014.
The handle is forming nicely from March 18th through to today and has based at .0007/share
Usually stocks break out to the UPSIDE after a multi-week handle has formed.
This appears to be the case with ELAY, regardless of how terrible the financials were.
A firm support base with 200,000,000 shares of bid support resides at the .0006 level.
Keep in mind that ELAY has crashed down through all of it's Fibonacci retracement levels, and is presently OVERSOLD from a chart pattern perspective.
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