Innovation Pharmaceuticals Inc (IPIX)

[reasondeep]

TheDane,

I had your post in mind and was planning on responding to it next. I'm not too good at using fewer words to say the same thing. And, I think the two words you used to sum my post are inadequate (they probably describe half my post though haha).

First of all, I never thought the chart was crazy - sorry if I said something of the like. I thought I said people would think I'm crazy. Of course I didn't mean everyone, as there are some who are willing enough to realize crazy chart is not equal to crazy person.

I've only posted two charts before, a fibonacci chart and the moving averages chart. I believe you're talking about the moving average chart - and I liked it too, and in fact, it paid off as well. But I hadn't said anything about how I expected it to unfold. Even on my blog it is one of the shortest posts I have.

I've never traded based on moving averages, but I was looking at them and noticed that interesting pattern. It was enough to make me load up even more Friday. Friday I was still very uncertain about what this whole correctionary formation was. The moving averages, and looking at the past, told me maybe it's possible we're about to run up. It was worth the risk.

The chart I posted today was after a lot of debating over many days. There is, literally, about a 5 cent range, which convinced me a drop is a drop will form. The bottom of the very first price swing after hitting $2.47 did not go far down enough. If the last bar of that swing went down to around $2.10 I would not have made this call. In the wave principle, when the first wave of a correctionary wave is made up of 5 waves, a zigzag pattern is forming. I did not believe the first wave was made up of 5 waves because it fell short, just barely, of that requirement. I won't say much more than that about Elliot Wave regarding this chart.

The only defense I need to put worth of Elliot Wave are the images and their captions put here. And the chart I posted today. Even if the range is completely wrong, the fact that a drop was anticipated with such confidence that I did not want to risk holding shares yesterday even while the price went up 10 cents after I sold is saying something. I could just be lucky. I don't feel as though I have enough experience.

This morning I felt quite sure of the drop, but was ready for anything (except the price opening at $73 and me having only a small amount of shares cause I sold thinking it was going to drop... this was an actual dream last night LOL).

Back to the chart I posted on Friday... I rarely expect to post on moving averages, I don't know much anything about them yet. I'm good at finding patterns though. And I trust my gut. And I adapt completely fluidly, even it means ditching what I once believed to be true to the core.

I have been holding this stock. Slowly accumulating. My account is small compared to most of you here. I do not even have a daytrade account yet. Hope that says enough.