@justfactsmam....you know,I think its a very close call on this one right now,in my view.
If you go strictly by the chart, the technical picture...this current price action in recent days, is not hard to see this battle zone from 1.16-1.36, the tight details on the chart... the balance point zone around 1.22/1.25/1.27/1.30 area precisely at the zone of price action today....is acting like a coiled triangle getting ready for the next bigger move.
this is a tricky call here.... because while there are targets lower at 1.14/1.11/1.10/1.05-1.06/1.03 and of course .98... and some target points are stronger magnets than others.1.10 is a magnet. 1.06 is a strong magnet ,like .98 is.and 1.20 is a magnet point as is 1.32 and 1.44,and while all these target points are still in play, the chart pattern is setting up for the next rally.
The chart's wave pattern is setting up for a rally, its been trying to settle down into a base,finishing this sideways slide,of waiting for the next 'Go' signal.
Alot of folks here seem to understand this idea from a fundamental outlook, like waiting for news, or a big buyer, maybe it will be a positive article on seeking alpha,that triggers the move. But I'm saying that same waiting is displayed on the chart as well. and this current price point in the 1.20-1.30 zone is a place where the trigger could pop.
I see these two most likely probabilities from the chart pattern.
1) the Rally triggers soon, and begins from this current 1.25 area, the coiled triangle terminal
or
2) more waiting time is needed, price falls down somehow to retest the lower targets, even if its only the 50ma at 1.14, and even then, bounces back to hit resistance some more at 1.35 ,just like the past few weeks price action...stalling for time, the zig zagging continues, and while that waiting game happens, we could get quick plunges to lower targets like what happened last week at 1.16. That could happen again if the game needs more time before the next rally is ready.
So in this 2nd scenario, we could very easily see another plunge down to the lower targets.....and THEN ,from that bottom zone bounce ,we see the next big rally begin. a Wave 5, to target 1.80-2.80,as far as what I see. the targets are the same for either scenario. Its just a question of whether the time is ripe now at this 1.27 area...or will it be ready after a plunge to 1.07 .or a sliding down for another month ,even into the 90's could be possible on the technical chart.... The greater issue seems to be about the time factor. this waiting game.
IF the rally doesnt start soon, maybe the price will begin to take a downward drift.and creep towards the 1 dollar bottom again.
But the main thing I see in the whole pattern from the 20 cent Bottom where it all began, is that there have been 4 waves completed ....so far....This sideways Wave 4 is already completed and could extend a while longer...but the next Rally is Waiting. The Rally wave, is Wave 5, sooner or later, and the greater targets are above 1.80
I think its a 50/50 call whether it's ready to rally now/soon, or whether it needs more time.and offers lower bargains to buy.
