Replies to post #4053 on 123Tom's TA study group

[ExtremelyBullishZig]

13% interest for shares isn't huge demand. 25% to 30% is where it was before when there was huge demand.

[123tom]

I'm wondering that too Bill...

its a big canyon down below if that happens. How far down could they take it this time.

Some of the large pattern targets I'm looking at are way down there ...4.70/4.50 area, at least 5 dollars. This base around 5.50 has held up well these last 3 months, but if the selling cycle really generates momentum, we could see that 4.60 area get hit. its why I'm forcing myself not to buy too much at these prices in the 5.70/5.50 area. IF I knew that we would have a rally now, and this 5.70/5.80 area holds like it is supposed to , instead of always Failing like it has... in this Range Pattern, it fails, and then bounces at 5.60, that's the Range,you buy that bottom and sell the top (6.30 area)....IF we would have a genuine rally starting now, then the same targets at 6 dollars needs to get reached, and the pullback needs to hold at 5.80 and make that the first wave of a greater rally. This downwave happening last week and this week, is shattering that bullish rally wave and turning it into a downwave pattern. The resistance now at 5.85 area becomes stronger and is a danger zone now. Even though the 5.60 might bounce now...its still a danger zone at 5.80-5.90-6.00 resistance.

Its technically ok to buy shares at 5.60 here, but I'm not buying too much here. and the shares I bought at 5.80 and 5.94 I will sell at break even in the next bounce. its my money management I have to do in trading. buying the 5.55 shares and then getting rid of those 5.90 shares when the time comes.

In a bullish pattern, this 5.50/5.60/5.70 area can be ok if it holds this base. But in an intermediate term bearish downwave, the target zone stretches down as low as 4.50 area. It can hold support Anywhere from 5.80 to 4.40
Where will it find a major Bottom to base at.... the 5.50 is being tested now. It could fall from 5.85 to 4.85 in the next downwave. or it could hold here at 5.50 and rally to 6.50 just as easily. I guess it all depends on what the MM's and big money powers intend to do with it.
All I can do here is buy in small portions at whatever target steps look best as this plays out. and trim shares at the resistance to get the money back.where I bought too high.