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Tuesday, November 15, 2005 11:35:44 PM
Well then, let's go out on a limb together and hang ourselves, shall we?
The following chart is an ambitious bit of conjecture, and is bound by the assumption of two things: 1./ The breakout will follow through and be sustainable and 2./ the trend developed on the first move on this stock will continue, to a degree.
By assuming those two , I have drawn an Ascending Channel by finding a Lower Trend Line that passes through three important bottoms, including today's Breakout Low, and offseting that to an appropriate Intraday High, in this case the only one available at 0.015 on the topside. This high cannot be discarded; it is not an anomoly, and as such forms part of the stocks' recent performance. It must be taken into consideration.
Within Ascending Channels I like to draw Andrew's Pitchforks, which CAN describe intra-channel play, especially along the Fork Bottom Tine, and up into the Middle Tine. This can be conjured as the 'Play Zone', and the point where this play moves up within that zone and strikes the upper Ascending Channel Line could be considered a likely place for the Top of the next run.
Fibonnaci calculations put that at a conservative 0.225. I am thinking more like 0.325 to 0.35, before any serious thoughts about retracement need occur.
Your thoughts on the above are requested. It's early in the game yet, not a lot of data to support the next run has been laid down. By this time tomorrow night we will know for sure.
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