In terms of seeing the rally from the Elliott wave and Fibonacci lenses....the target topping zone was around 75 cents area. a peak at 95 was plenty good for this rally. Other mathematic target points show at the 1 dollar area (1.04) so this is a topping zone already achieved in this rally. It wouldn't surprise me to see a retest climb into that 1 dollar zone and get hammered down there. 2016 was a good rally year, and now ARTH looks to be making a basing zone around 60 cents. that's also a pullback zone being fulfilled,coming down from that 95 cent peak, so it's become a balance line now around 60-50 area. The Bottom zone appears to be 25 cent area though the peak bottom shows 15/16 cents, the energetic bottom is set at 22-25 area. From there to the 1 dollar target zone shows this 55-60 cent area as the middle zone for the chart picture now. It has a decent shape to the picture, but you know how Biotech stocks can make extreme moves up and down, so I would hesitate to say the 50 cent zone is set in stone...but the support shoulders around 45-39 look nice enough. In the larger chart picture, this first upwave, from 15 to 95, a move of 80 cents...has mathematic targets now looking at the next rally pattern finding a topping zone around 2.25 area. Are there any target points there from the greater chart picture?
But for now, this 1 dollar zone is making me think it could show resistance there in the next climb to retest it, and maybe the 50 cent zone is not out of the woods yet. What kind of short interest is there in ARTH to press it down in the coming months?
IF this is a promising development, a greater pullback that might retest 50 cents or 45 area, might be a bargain to buy . and for traders who wish they had taken profit at 95 cents, they might consider doing so in the next chance.if they see big resistance there. Watch the resistance develop around the 75 cent area. that's the mathematic topping target zone , it might not be an easy rally climbing back up from this 60 cent base, for that reason, the resistance monster waits at 75 cents. a little bit hidden, as folks see the 95 cent peak, but they don't see the Fibonacci peak at 75 cents, its a mathematic Energy,like a magnetic energy, it will pull on price with resistance there, it is a shoulder zone waiting to develop. folks will be surprised to see resistance there. Lets see if it develops as a harder than expected resistance shoulder . A rally thrust now, thru this 60 cent basing area, will get folks excited...watch how price gets hit hard at 75, to act like a whipsaw ,and send ARTH back down to retest this 60 cent base. This is what the resistance at 75 area has done for the last 6 months,and might continue.might suggest here,to anticipate, as price slides sideways around 60 cents, waiting to generate the next rally. I suppose more great news could propel price above 1 dollar and render this technical picture moot. but with no news, the technical action might run along these tracks,and I'd be watching out for a capped rally that stalls around 75 cents ,and then maybe struggles back to target 95-1.05 before hitting more resistance efforts to sell it down.
This 65 cent zone is a Big battlezone for ARTH now, a continued capping around 75 cents could generate a greater sell off pullback to target 45 cents. that would be a buy target. and the next rally needs to retest the 1 dollar zone. greater finished wave targets would be around 1.75/2.00/2.25 area
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