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For those interested, follow the price action from left to right and look at what happens when price action approaches fan line crosses.
[They mark changes in price movement... [i.e. changes from sideways to upward or downward]
Notice where current price is. Considering we've been in sideways movement, clearly today is a day that will mark action. In fact, one might have even predicted that news, or something of importance, will occur today based on this chart. If anything, gotta admire how well these lines mark support and resistance levels.
If things go well, I do believe the blue line north of current price will act as resistance and/or support.
Btw, yesterday I posted an image where it was noted 2:30pm seems to be a key time for whatever reason... turns out that's exactly when some decent buy orders started coming in. Probably just co-incidence... who knows :)
Thank you for your wonderful post, obiteridctum. You've given me some great stuff to look into. I'm very curious to take a look at the chart's of some of the companies you mentioned. I am relatively new to the market, so I am always on the hunt for historical data I can learn from, especially the kind you mentioned.
I feel the same about being 'called out', however I prefer the less hostile method of conversation where we aren't all too concerned about being incorrect or 'one-upping' another. I'm sure you agree with that sentiment, which is why I wanted to clarify I wasn't 'calling you out' :) Was just a matter of clarifying my tone.
I should have looked more into the conversation that was going on before tossing in my input, which admittedly I did not take the time to do! Nonetheless, I think my point still had a place in the discussion, but it would've been better had it not been directed solely to your post.
Also, let me make clear that I am a mere student of those methods of technical analysis. My experience is slim, but my appetite is not. So, the input I give regarding Elliot Wave and Gann analysis is that of a person still trying to learn the ropes. Both of these fields, as I'm sure you're aware, are extremely expansive. I am not foolish enough to presume I have more than an elementary understanding of these methods [especially Gann]. However, at this point in my endeavor into the Gann rabbit hole, my mind has opened to the possibilities of what technical analysis can offer. I am becoming more comfortable with Elliot Wave by the day, but I am still ironing out many of the concepts [applying E wave real-time in the market is a whole different beast than reading it in a book]
Anyway, all that aside, I understand what you're saying regarding the importance of news (which in this case is not your typical quarterly earnings type of news, as you pointed out). Although I do not have full confidence or sufficient skill in these methods yet, I do believe an expert Gann / Elliot Wave technician would know the likely outcome of the fundamental aspects of FNMA [everything in the market is a world of probabilities, so of course it's not with certainty the outcome would be known]. At the risk of sounding like a loon I'll stop there :)
HOWEVER, I did intend to share some of my technical analysis, so I will offer my input too. But as I said, my understanding is elementary, and my analysis is proven wrong by the market about as often as it proves to be correct. That's not too great of a record, lol.
I'll post some images before market-open tomorrow. This FNMA chart is not a piece of cake to work with, that's for sure.
Degrees are measuring from the relevant price bottom prior to the rally. They are derived from price more so than time, so are independent of 'when'
Just to clarify by down day I mean sideways day for CERP or not a very strongly green day. Certainly would not be right to be deep in the red.
There were some key parts of the market that have been down past couple days. One of these indices has a tendency to lead small caps, and I have seen some very strong correlation with not just CERP but few other stocks.
I'll post some overlayed images when I get home tonight. Sometimes it doesn't matter what shape a company is in when the market as a whole has some clogs in the pipe.
I suspect next week will be some turn arounds, and as the market rallies, CERP will join along for the ride.
It's hard to believe at times the markets are this interrelated, but charts show it to be fact.
Tomorrow may very well be a down day, but by Monday next week we should see some strength. If we don't then I think it would be useful to consider if there is something the matter with CERP individually.
Just my opinion.
Gotta love breaks out of triangles, eh? Ferocious.
We are at some critical junctures as far as levels that needs to hold up. An image below of what I'm expecting to hold up... sorry for the cluttered look. At least you can still see the candles unlike some charts lol.
Utilizing Gann fan lines. That red diagonal trendline with a positive slope should hopefully hold up at minimum tomorrow. But considering there were a lot of Gann junctures [not shown] around 2:30PM tomorrow, I'm hoping some moves start taking place.
Also, take note of the divergence. That is a very good sign imo.
NO idea why I put the date as April 4 lol. My bad
Don't have enough movement to yet to gauge wave formation, but there should be plenty of that tomorrow. But still, one can't be caught without a tool in hand in the markets :)
Here's an image of targets derived from a Gann Square of 9 method. The immediate term targets are shown in the highlighted image. I expect we can top the 240 degree level [.0627], but it will likely fail to close above that level [on any decent time frame]. Expecting some corrective moves to occur at that level if we do reach there in a hurry.
I have not done Fibonacci analysis yet on the chart, however old Fibonacci targets will likely not be too far off from the updated version. Nonetheless, once I make an updated grid I'll post it. If those targets match well with the Gann targets that will be very reassuring for me. But it seems like the party is just beginning, so that first target of .0434 may be taken out quick.
That's quite an impressive move bsav [continually adding a monster amount of shares acting on your instinct about fear].
Can't imagine how much your account fluctuates on silly little swings! Good on you though, hope to have an account as large as yours some day :}
Hello obiteridctum,
Apologies if my post came off as calling you out, that was not the intention.
I respect any form of analysis people use, be it fundamental, technical or a combo, so long as they have put in necessary effort to develop it, which I am sure you have.
What I felt was limiting in your post was the general idea that technical analysis is solely based on the past closing prices plugged into some equation that tries to measure the momentum, strength or overbought/oversold conditions.
It has been my experience that news matters very little. Case in point was the recent news for FNMA, of which I only know about because I have seen posts about it.
Wave formations map mass psychology of the market, and the truth is emotion cannot be plugged into equations, but it can be mapped by a combination of Fibonacci, Gann and Elliott wave analysis.
News is but another tiny piece of the mass psychology driving the markets, and one must keep an open mind as to what forces have an affect on mass psychology. The nature of sunspots might actually trump sentiment far more than any press release. The variables are enormous, and there is simply no way to account for chart patterns thoroughly on the basis of fundamental news when there are forces beyond the reach of any individual human affecting everyone and everything.
As esoteric and mystic as this all sounds, the methods I have mentioned above very impressively map the market to include yet to exist news.
Perhaps my main point was simply that it's not accurate to label and define what the reaches of technical analysis are and are not so decisively.
All the best, have a nice night.
For what it's worth, it seems we are in the last corrective wave. The reason why it's been much of the same thing for the past weeks is due to the fact the final "C" wave in the correction has been forming. Expect turbulence towards the end of it.
Timing is always a difficult matter to get right, but it appears within a week or so [2 maximum IMO], the C wave should come to a final conclusion upon which the next impulsive move can begin.
The chart has much room to run and few resistance zones so the risk reward ratio is greatly in the bull's favor.
I would be definitely be ready for anything mean while. Perhaps even a test of lows in the recent weeks if we can't hold the current level we're at.
I'll try to post more detailed analysis sometime.
Good to see moves today. Originally bought in a little at .005 then added more when it dipped to .004 yesterday. Let's see what she can do in the coming days :)
Haha thanks bro it's like the stars aligned just right for a few seconds to let me snatch the 295's out of the hands of the poor soul who decided to sell them
Thanks!!
Somebody wanna sell me 295's??? I'd like to be able to say I got in at the 2's :D
Thanks bud! Nice to see you as well. Looks like we may meet again else where as well :)
That is a very limited perspective on technical analysis. Indeed, you describe how most people view technical analysis, which accounts for why most people fail to achieve good results with it.
I only reply with this post because I do not want people to be discouraged from pursuing technical analysis. The truly motivated will find a world so vast that the very idea technical analysis is limited to mere algebraic calculations on past data will sound downright silly.
Study Elliot Wave, in-depth Fibonacci Analysis, and Gann analysis and after you've done that, there is no possible way you will still believe what you do regarding technical analysis. Not everyone will have the patience or the passion required to learn these methods, but the few who do will come to realize it's worth, and that realization will in-turn further fuel the passion to understand.
Make no mistake, there is no holy grail. But technical analysis is not as limited as many illustrate it to be.
Oops totally misread my chart. Target of .0526 today :)
.0605 close call ;)
Just sharing... could bounce up from here or.. image has next levels that are imo.
If anyone is interested look up an expanded flat pattern. If my interpretation is correct we are currently forming the C wave of it. Hope traders are ready today and the investors got something else to do besides look at the SKTO chart all day long... may be in for a roller coaster.
No prob, James. I can always appreciate someone willing to dig in to find out everything they can. Keep us posted if you find something valuable, yea? Good luck to you as well. The NASDAQ is dreams away, but that would sure be something. For now am good with it holding support levels/continually showing signs of life. Would be very satisfied if it can break a dime and hold.
I understand your concern regarding their accounts being hacked, but it's no piece of pie hacking not one but two accounts on not just one website but 3 (twitter, facebook, linkedin). [fyi this post isn't directed at you when I say 'you'... just using it generally]
Furthermore the amount of attention this has created would not reasonably allow fraudulent accounts to exist for this long.
I get that the OTC market is not subject to oversight by FINRA, etc. but these 3 websites are easily the top 3 in social networking.
From my perspective, believing these accounts can be hacked is far far more difficult to get done by a penny scam artist. This is an example of a rumor gone mad. There is no rationality behind accounts being hacked IMO. Online security is not child's play as it used to be.
The accounts being hacked theory is REALLY reaching out on a limb. It's just not realistic. The real question to ask is if you trust Jeff Benz's and Kevin Allyn's credentials are enough to find the press releases legitimate. If yes, then there really is not much to worry about. If no, then further DD or updates from the company are your options.
Personally, I prefer not to dabble with these matters as I consider them irrelevant. I read emotion [or lack thereof] from the charts. If this was as fraudulent as people claim price action could not perform as it has been since the first rally. Retracements would overshoot because the scammers want their profits. Movements upwards would be large but sloppy. Candle wicks would be long very often from the inconsistency in people's perceptions.
Instead, the retracements are contained and healthy. Upward movements are large and organized. Candle wicks are not long and choppy all throughout, indicating an overall cohesion in perceptions and strength.
Could it be this is just a very, very well crafted illusion? Of course. But the probability [to me] is that this is not the case.
I have been wrong plenty of times before, and people... seriously... Don't put in your whole savings into this thing. Just buy more when moves begin! Chasing is not as bad as people make it out to be, unless you start running after the train 20 minutes after it left the station. Set price alerts, use your cell phone to place orders or whatever. I have a substantial amount [for me] in it, but I am watching this thing trade at all times and have price alerts set incase I need to begin unloading shares. Stay vigilant and know what you will do if the worst does happen. Snap out of the greed if it's pulling you in [I gotta remind myself that eveyday].
I'd be in trouble if all of our shares were frozen due to an investigation, but again, the probability of that is so slim to none, especially considering SKTO's healthy trading patterns.
Anyway, have a good night!
+1, although I suspected we may see strong moves upwards today, what happen today is perfectly fine and healthy. I plan on buying more tomorrow.
Glad to have picked up some 44's. .043 should be the bottom.
You'll have your icing. If I'm wrong today I am going to step away for awhile and rethink my whole method of T/A.
The 6's require us not to touch anything in the 4's again [at least today].
Opinion on today's numbers? :)
Resistance zones: .0597, .0623 (minor), .0705
High: .077
Close: .0705
Do you still not see my entire thought process prevents me from pretending about anything? I am not pretending the company is a scam (as you are) nor am I pretending the company is the next Google. I take Information as cleanly as possible and adjust my perspectives as the information demands.
Risk does not equal gambling, btw.
Awesome stuff, thank you
I have enough :)
I rather go off of what the chart tells me though, as far as adding more or less goes. Listening to thoughts so freely [mine or someone elses] never did me any good
Indeed, this is true Sterling. Thanks for your post.
So many marrowless arguments here. So few posts serve to clarify rather than confuse.
I wish there were more wave traders around here cause I really want to see just one example of a scam company that had a chart with healthy, well-defined wave formations. I looked at some charts, and all of the scams have hideous charts in terms of Elliot Wave.
It's important to remember E. Wave simply maps collective psychology. Having said that, I really don't think it is far fetched to think malevolent, broken psychology like the type that is going to fuel scams will not and can not, by nature, show consistently healthy wave patterns.
SKTO thus far is creating patterns that resemble any of the larger companies, currencies or indices. I'm not saying that equals success, but to me it equates to healthy movement that rules out SRG* style scam.
My offer still stands to the naysayers comparing this to scams... you may not agree with my theory, but entertain it a little. Show me a chart that you deem to have healthy moves that turned out to be a full out scam. I mean, it really can't be that hard to do since pennies are FULL of scams as most of you say?
Until then, let the chart speak for the mind[s] behind the company.
+1 clearly the PR is not asking the Feds to come and hand cuff them.
Ahh man as nice as that sounds, you gotta realize plenty of noobs will put much more money than they can with a statement like that.
There's always a chance of that happening as much as there is a chance of this going to subpennies first. Once financials are out its a different story but people need to tread carefully regardless.
Don't get me wrong, I love the idea of that as it would seriously help me out to give a very nice fund to trade with, but I remember reading things like that like it was yesterday and being enticed. Then burned. I guess everyone has to learn that lesson the hard way to truly get it anyway lol.
Why would you say it would take years? California needs something like to help their own economy out. Considering the potential is vast, why would they make it so difficult to do one of the few things that could benefit them as a state?
I've glanced at your post history so I'd like to give you benefit of the doubt. It's not fair for you to be bullied just because you're offering a dissenting stance.
But your words are a little harsh and in order for them to have some real strength, there needs to be some specifics.
One other thing I noticed was you posted charts don't lie [something I agree with], and this chart is screaming success. Not SRGE or any other scam company I've looked at EVER in the chart history contained moves one would call healthy.
SRGE had some decent moves, but any student of Elliot wave could tell you that chart is atrocious. The movements are very sporadic, many gaps are present, the wave formations are tremendously choppy and retracments show no respect to healthy fib levels.
The SKTO chart on the other hand, is simply beautiful. Charts indeed, don't lie. If you can PM me charts of companies identified as scams that had, during their bullish moves, what you consider healthy moves, let me know. I will be glad to change my stance about this theory if even one chart can be shown to me where I don't see unhealthy patterns.
Good to put things in perspective :)
edit: quoted wrong post... proper one is post #17680
Quoting my first post on this board. Check out that grid, it will show key regions. I've been using the other grid that many of you have seen often lately, however this one is different, and it is very accurate.
Makes me think one grid was appropriate for the bearish period, the other for bullish.
Here's an updated screenshot of it.
Mid .06's is fully realistic.
.07's is a bit optimistic
.08's test is possible, but overly optimistic to expect a close a there.
.065 sounds about right.
[These figures are based on the target grid I made in March]
We'll see soon enough!! :)
Once we overcome this resistance zone it will be free flowing to the 6's imo.
This is not dumping or anything else negative. I had said yesterday .048 marks a critical level of resistance.
.065 smells good today.