... a little more follow up....
The overhead resistance is a zone from 5.10 to 5.50. Price could bounce from the current lows to retest any of the resistance steps in that zone. The first overhead step is around 5.10, but the trading game and the price battle could get a little tricky here for a few days..by climbing through the first resistance, and then get hammered at 5.25 or 5.35, and then roll over and tumble down again. It's a trading track pattern to targets. Running on various time frames, the swing waves are the ones making 1 and 2 dollar moves. The resistance peaks at 5.90/5.80 have reached their dollar target. The older peak at 6.80 made it's 2 dollar trade target. The bounce from the double, now triple bottom has barely got off the ground yet. Thus suggests a bearish bias. So are institutions buying strong here at 5 dollars or not? What are the odds we see a continued rolling over after a small bounce, and tumbling down another dollar through March. Target zone 4.40-4.00. At the moment, I'm thinking about 70% chance. The only thing that'll change this forecast is if we see very soon, good news propels a strong rally to target 5.80-6.00 area. That would create a pattern reevaluation.
What are the odds the 4.80/4.90 Low will hold strong.... 40 %. Why should the selling stop here when there's nothing to stop it. How strong is the buying at 5 dollars now? The target for a potential bullish recovery rally is 5.85/6.00 to begin.
