Eline Entertainment Group Inc (EEGI)

[TechnicalAnalyst1984]

Yesterday there was a discussion about technical analysis, charts and if they work with penny stocks; they do! What gives me confidence with EEGI is what the the chart is doing. I love the TDAmer Think or Swim trading platform and how you can customize charts anyway you like and I love the 2 month daily chart on this one, it really tells me how far this thing is about to go.

Some people might look at that chart and say, "It's a Head and Shoulders" because they see a head and 2 lower valleys (there is only 1 valley created so far with EEGI and really to me, that is like a lot of people from South of the Border who are Catholic see the Virgin Mary in every cloud or tree stump!!!) and that and not consider looking at THE VOLUME because when it comes to charts. The volume must match what is going on with the price, there is a reason that charts include both!!!
. Charts are NOT 100% just like weather forcasts back in the 80s and Charles Dow assigned percentages of success and failure to different chart formations that he created from studying the tulip market in Amsterdam in the 1600s; the guy was a genius!

What EEGI has done the past 3 days is called a Bullish Wedge if the formation does not fail; it goes up on stronger volume!. For the past 2 days, not only has it gone down but the volume matches in that the volume has decreased each day from the 1st red day! Sellers, the supply are becoming more scarce! Has the wedge been completed? Do we have another red day on less volume or will the buyers the demand overtake the supply; the Bulls overtake the Bears?