Intellect Neurosciences Inc. (fka ILNS)

[trader53]

Zilla: I buy on divergences, and on breaks of support after a
5-Wave decline, as indicated under Elliott Wave Analysis.

The following 1-month chart shows th current 5-wave decline.
The waves are labeled by the prices.
Wave 1,2 is 0.031c down to 0.0223c, up to 0.0279c
Wave 3,4,5 is 0.016c up to 0.0195c, down to 0.015c
http://stockcharts.com/h-sc/ui?s=ILNS&p=D&yr=0&mn=1&dy=0&id=p55871167223

Support had been at 0.0212c August 3rd.

Aglance at the CCI indicator, shows it is trending up, as the price per share is trending down. This divergence indicates a probable price reversal to the upside is expected.

The support of 0.0212c (which now becomes resistance), should be tested soon, as the price begins to rise here soon.

I liked the fact that volume increased yesterday, as the price fell below support of 0.016c.