Guessing what kind of gyrations up and down the price action does in these next few weeks will be very tricky in my view. This morning we saw a 70 cent jump at the opening, sold back down 50 cents, and then settled into the middle zone around 3.40/3.30 area for today. Resistance remains 3.70 area/ 3.50 area and “support “ tries again to develop around 3.25/3.15 , still very early and uncertain. What seems to me much more certain is that when the December decision happens, if it’s a rejection, price will likely nose dive probably to 2 dollars for starters. And spend weeks developing the grand Bottom and getting off the floor. But it will recover when the next good news happens.
If the December decision is good, then price ought to surge at least right back to 10 dollars for starters, and the trading waves might look like the have in recent years, 10 to 7, to 14, to 10, and up and down like before, and if the complexity of the EMA approval process involves partial acceptance, conditional approval, etc, that gives the short attackers the opportunity to spin a negative hit , then it ought to cause big gyrations in the wave patterns, and we’ll see these rallies to 12 dollars get tumbled down to 5, and rally back to 10 and down again to 5, and the roller coaster ride continues until the news cycle changes this uncertainty.
Right now , I might guess that any climb back toward 4 dollars will have a struggle getting there and staying there, would probably be hammered back to retest 3 dollars again. And if we do see a breakout above 4 dollars, it will go only as high as the next short attack sets up, just before the December decision and then the hammer slams down. At the moment on my chart picture, I think the 4.75/5.00 area would be the highest I can imagine for this current chart and news cycle dilemma, heading towards the December decision.
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