Endexx Corp (EDXC)

[Bodach]

EDXC Fibonacci Update



Still extremely bullish. Red candlesticks get a bad rap, but this chart is so healthy right now, it could be made into a textbook example. As expected, we gapped. Gaps generally fill at some point, and today we did so. It's much better than to fill later in the stock's life. If it didn't fill, all it would do is decrease the strength of the next support level up. If we did not gap, this would be a green candle, and be at the same PPS. So it's bittersweet; we have to stare at a red one, yet, it's technically a green. Not to mention the fact the red stick creates stability for healthy growth. I'm much more comfortable with a red stick than if it didn't gap and fall back down to verify support.

Now, let's look at the action.

The fib fan lines held true. We closed the day yesterday, converting the 50% fan line as support. This was not confirmed until today's trading day. It bounced off the 50% line, thus finding support there. The beauty of fan line supports is the fact that the fans continue to go up. It is the best support to have in the Fib world.

What happened today is we gapped up over two very very heavy resistance lines. The 200 day moving average, and the 38.2% extension line -- which is always a biggie in this scale of a chart. It had to come down; there was no way around it. This is why I tell people not to buy on gap ups. If it didn't fall, then I would be concerned, and probably sell at the top of that intraday run. It needs to break this resistance area organically. We still have massive volume for the dollars being traded, even though the volume itself is lower. That is also natural and organic in a chart like this.

Tomorrow, it appears we test this pinch level again. The 61.8% fan line is the next test for support. We already confirmed the 50% fan line, and if we can confirm the 61.8 fan tomorrow (AKA -- have an apparent boring and flat/sideways day), I will be extremely excited. Once that fan line is confirmed, we then have the energy to start picking away at that massive .08 level (38.2% extension line/200 day moving average).

The reward for an organic break of .08 appears to be huge. And I believe the risk is quite worth it -- especially based on today's trading. It simply could not be better.

The downside to all of this is that we only have one or two more days to confirm this 61.8% fan line as clear support. After that, the pinch on the 200 day MA happens, and we have to do or die. It may just be that we have to wait for the 50% fan line to come up to the .08 level next week to break it. It's difficult to tell right now, but tomorrow and/or Thursday will paint the picture. I will update you guys whether it's good news or bad news.

Right now, EDXC is trading with such health, again, it could be a perfect textbook example of a healthy run.

What I'm looking for tomorrow (Wednesday) is a sideways flat day. If that happens, I will feel very confident we will break the .08 Thursday.

Of course, it could always just break tomorrow and run.

You never quite know.

Will be exciting to watch the action tom.