Mike, why would some FUDster post such an empty comment.
I'd like to put some perspective on it.
I'm a TA chart guy. That's all I do. I spend 8 hours a day or more doing investing /charting/studying. more like all day and most of the night.
Putting that much time into studying a chart, I know Every single point of interest on the chart. on all time frames, all key target points, all support /resistance points, all pivot points, all Elliott wave patterns and all Fibonacci points. Ive trained my eye to see Everything on a chart.and most of it ,I commit to memory.
I cant remember where I put my car keys, but I can tell you exactly where the 200ma is without looking.
Whenever someone claims to understand what the chart and price action is doing or will probably do, I think it is Imperative that they show the chart work they are doing. show it and explain it. If youre going to make a TA claim, be prepared to back it up with a chart and an explanation. Otherwise it is nothing but meaningless FUD.and the poster really should just be ignored.
I think you're correct in saying his forecast is nonsense.
Here's my take on today and this week for IPIX. Today appears so far to be a pause after a bounce yesterday. the peak of 85 yesterday was one of the key target zones for the bounce, in my view.(82-92).Now has come a pullback today ,to be expected. so far the first effort hit 78/79, the next effort has support points at 76 and 73 as key points to watch. 70 is the critical support point to hold. Overhead,resistance kicks in at 83/85/87/90 and every point in the 90's,right thru 1 dollar ,1.04 area,1.10 area and 1.15. Fibonacci targets at 85 area,91 area,97 area. pivot point at 94.
The Elliott (wave 1) rally bounced from 65 to 85,and now the basic Fib retrace shows at 75 area,(73-75-77),the retrace happening today ,so far. after this pullback holds (hopefully in the mid 70's/high 70's, like it has today, but 76 and 73 are ok too, the next rally , could be a larger ,("wave3") bounce that might hit 95-1.00 area, before it tries to target the 1.15 topping zone. The chart so far, mathematics of the bounce is showing the rally is looking at retesting the 1.17 topping zone. My own cautious bias is to be careful at the mid 90's resistance area that could get attacked by shorts there,who would try to retest the mid 70's again.
A show of strength by the shorts would succeed at stopping the rally bounce in the low-mid 90's,and retesting the 70's. a stronger show of bullish rally would hold support in the 80's, and rally to 1 dollar area.
That's the current battle developing,in my view. Today is the pullback effort. Volume looks to have dried up today,here at 80 cents. The technical dip to buy is around 76-73 area ,for best bargains. IF the sellers could manage to hit 70-71 this week, they will have accomplished a fair knockdown again.
But,If price holds above 73 instead, this week, thats a more bullish clue for the next good rally bounce to come.
Sorry for the long post about technical chartwork. it requires some detail. In any case, studying a chart takes work,and telling others what you see takes sincerity,honesty,and educated knowledge. something that FUDster doesn't seem to have. a chronic short attacker and
That's why I put him on Ignore a long time ago.
