Pretivm Resources Inc. (PVG)

[123tom]

So far, what PVG looks like its been doing....trying to find a bottom zone to hold (4.85-5.05 area) is ok technically on the chart. Its a 'reverse head and shoulder' zone IF it holds here around this shoulder zone, we may be ok. But the other part of this price action pattern, is the Resistance zone around 5.40. As long as the Resistance zone (5.20-5.45 area) is not Broken through, and price remains floundering below 5.40 , the downward pressure remains dominant, and the support zones,could keep failing. we might see a retest of the 4.60 bottom zone. 4.40 would be in play in a continuing downwave pattern.

PVG has made its downwave from 8.85 to 4.65, then a rally bounce back up to 6.19....now a downwave to 5 dollar zone
Support Has to hold somewhere... or else lower bottom zones get retested.

This 5 dollar support zone Is the Place where support needs to hold if we will see the next rally try to retest 6 dollars.

but the whole point of this comment is just to say that the key is the Resistance at 5.40 ...its a rolling over resistance zone. Like the 7.40 zone was in the last wave pattern in August.
See in august ,how price rolled over the cloud edge around 7.20-7.45 area and then Down.

Now, the cloud zone is hanging lower in the 5.40 area,and November....

http://stockcharts.com/c-sc/sc?s=PVG&p=D&b=5&g=0&i=p93662294679&r=1414617253606