The STSI chart remains top heavy at the 2.00-2.20 area.
Of course a breakout higher can happen here, but so far, the wave structure playing out is Corrective..... since STSI topped at 2.22 on 8/13 and 8/14 it has corrected to a falling knife on 8/20 that hit 1.71....which has since rallied back to hit resistance at 2.10....exactly where resistance would be expected in a subwave B of an ABC correction.
and now STSI slides along the 2.00 area and the 200 MA.
Here, as it sits Coiled in a triangle,it could pop in either direction.
Above 2.20 (from 2.20-3.20) is a resistance zone.
The current wave from the 1.15 bottom of late june to the 2.22 top looks like a completed wave 1.
The correction that began there on 8/14 has made what looks to me like wave A (to 1.70) wave B (back up to 2.13 ) and now could come wave C down IF it would be an ABC correction. The target for the wave C would remain around the 1.55 area. (1.45-1.65)
It all depends on the price action in coming days.
but like someone said here, that TA should take a back seat when analyzing STSI because the fundamental news will rule the day.
I agree with that , but I also like to see target zone prices where support and resistance still come into play.
If STSI breaks down from here to complete the ABC correction, and my target around 1.50 area finds strong support buying.... then the next upwave should begin there , with the next zone of resistance having to climb the steps from 2.20-3.20
I would get itchy to take some profits around the 3.00 area.
But regardless of all the minute technical view, STSI has done something more important several times in the last 4 years .....it has blasted up like a rocket ship.
Upon some catalyst , at any time, STSI could soar from 1.60 to 3.60 and I want to recognize that possibility.
Technical charting wants to look at price action in penny movements and subwave structures.....but look at all those days in the past when STSI became a rocket ship. I would bet it shall happen again.
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