I told everyone that the professional trading desks who have a person assigned to this stock had to be employing Fibs to trade by because there was too little historical volume to let them trade using past support & resistance levels...
...and if you will look at today's candle, I think the point is proven to the T.
Put a low point at .182 and a high at .717 and draw out a Fib splay with .382, .50, .618 & .786 on it.
You get this:
.382 = .50 m/l
.50 = .45 m/l
.618 = .386 m/l
.786 = .295 m/l
Next, put up a daily chart.
What we have here today is a classic "hammer" candle with the wick showing that it crossed down thru the 618 level and then came back up to close just above it @ .41
I mean, people.... this is a picture perfect example of doing a retrace to the 618 and then, the day being a hammer.
And as all Japanese candlestick players know perfectly well: a hammer is the candle that "hammers" out a bottom.
I like this formation and I do not expect the 618 to fail. We amy go sideways from here, waiting on an "event" to add momo to the upside, but I seriously doubt that the hammer is a head fake.
Nice looking chart, if you want my opinion.
Look back a week or two down the road and I am certain that thisammer at the 618 will be a bottom to this preset wave.
Peae.
Imperial Whazoo
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
