Consolidation and bases are indeed good. Shaking out weak hands is good. Because as strange as it may seem right now, one day we are going to retrace. Will it be at $.75 or $2.50, who knows, but at some point someone will feel the need to take profits.
If this is done responsibly and smartly at the ask we will see it as a resistance level and move beyond it. However, if someone starts bidwacking it will move down. We've seen it move down before, no big deal right? But what if it isn't 2 cents? What if it is 25 cents and we are at $.90? It could happen, who knows. You better ask yourself now what you are going to do. Are you going to panic and sell it down further. Or are you going to realize that the HMGP story hasn't changed and wait it out.
At this point, that is what the MMs are waiting for. They haven't been able to bring it down themselves, because they don't have the shares to make it happen. We have the shares. So they will wait until someone cracks and then they will do everything they can to make it worse.
So, if you think you are long, then be long and be prepared. Keep watching the Hemi story and not the PPS (unless it is going up and you feel the need to do a little jig now and then.)
Bidwacking is the 8th deadly sin.
AI
