so far so good. big jump off the 17.50 quadruple bottom, now reaches the resistance zone (19-22) needs to be watched with caution here, the pattern going down from 28 has been one of 2 and 3 dollar bounces up followed by 5 and 6 dollar downwaves. the finished bottom will be reached at some point. Is it going to be 17.50? cant say. but the bounce now, 2 or 3 dollars is this 20 dollar area, watch closely now to see if it struggles around 20,rolls over and starts the next downwave to retest the 18/17 again, and might continue to the 16/15 targets...IF the rollover pattern is still going downwave. Its always encouraging to see nice bounces off a bottom target step,but we need now to watch for the next part of the pattern to come. Holding support now at 18 becomes critical to watch for. rally follow thru needs to push beyond 20/21/22 and start testing 23 and 24 to become more bullish. and regain the momentum. There is a shoulder around 20 area that is currently resistance but would become support, if the rally reaches the 24 target zone and then pulls back to hold at 20. and thats how the bullish pattern develops. watch the support area now around 18 to show any strength or not.
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