Guys, IMHO, following is some more statistical insight, and what we find is absolutely a well-played out trend. Adding to my posts # 77351, # 79874 and # 84555.
Firstly, we have risen from 0.0019 (previous historical low from week of Aug 31, 2009) in a very short time. Note prior to the uptrend (starting Sep 2009), the most significant resistances were highs of 0.0055 & 0.0075.
Now let's focus on the uptrend since Sep 1st week:
- We moved from 0.0022 (Sep 16) to 0.0095 (Oct 2) - about 15 days
- Next, we went down to a low of 0.0055 (Oct 7), and rebounded to a high of 0.014 (Oct 16) - about 15 days cycle from high of 0.0095
- Then, we retraced to a low of 0.011 on Oct 22, and blasted to a high of 0.0169 (on Oct 23) - about 7 day cycle i.e. exactly half of previous consolidations.
- Then, came the major downward consolidation with a low of 0.0077 (Nov 5) - about 13 days.
Now to the interesting part - let's look at Fibonnaci levels created in the uptrend from 0.0022 (Sep 16) to 0.0169 (Oct 23):
- 23.6% Retracement Level = 0.0056 (previous high & low)
- 38.2% Retracement Level = 0.0076 (previous high & low)
- 50% Retracement Level = 0.0095 (previous high)
- 61.8% Retracement Level = 0.0112 (previous low)
What a well trended chart!!
Now to some predictions:
If we assume pattern is maintained, we could look at 0.0076 as the low from which this has trended. Assuming 0.014 (previous high & low) as the 23.8% trend point, we come up with following numbers:
- 23.6% Level = 0.014(previous high & low)
- 38.2% Level = 0.0167 (previous high )
- 50% Level = 0.0196 (possible shor-term high point = 7*0.0028)
- 61.8% Level = 0.0221 - 0.0224 (next break-out point)
- 100% Level = 0.0308 - 0.0312 (next high point of the continued uptrend).
Let us see how this pans out..GLTA!!!
