When I look at a chart technical picture, I always want to see where the support base will take root, that's important. on the EGO chart so far, daily and weekly... where would that solid base be . has it even been established yet?
The 2013 bottom zone and 2014 lows around 5.50 look ok so far as a base. maybe even 6 dollars now. and the 200ma at 6.30 area might offer a support base.
But any big rally like what weve had in June and into early July, Has to have a pullback to retest the support zones. That would be a target around those moving averages at 6.30-6.50 area.
A real pullback still has a long way to go still if we're getting any real pullback. and the chart pattern right now, is as clear as any Ive seen, where classic whipsaw slam downs would happen. At a top zone, after a big rally, a pullback begins, then we see today, a pop back to retest the top zone....creates a head and shoulders, this is a set up for a big whipsaw soon.
I could be wrong of course, but the target and the base I want to see , and a pullback to the same area, is those moving averages around 6.00-6.50 and I'd rather buy at 6 or lower. months from now. a retest of the 2013 bottom would not surprise me at all. (5.25-5.75 area)
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