But now, every day changes the
picture a little. Today's drop to 11 and 10.92 made a big bounce. this was the kind of strong bounce you'd expect to see at a true bottom. It
didnt happen enough at 11.50 last week, and 11.20...but it did today at 11.00/10.90.
So now, reevaluating the picture again. and its back to examining the Range Pattern as possibly Holding, like it has these last 3 months. and now that opens up the picture to wonder if the rally will climb all the way back to the Range top zone (15.00-16.50 area) or not. IF we are watching a downward wave pattern developing, then I would expect to see a capping at 13 resistance area. and then down to retest 11 again and then lower targets toward that 10/9/8 kind of movement. But
all I can do right now is look one day at a time, as today generated a new reevaluation for me. It has a chance to climb higher toward the 13 resistance. (12.50-13.00-13.50 target areas).
So at this moment I have to say...11 dollars held strong and bounced strong. The last time it hit that 11.00/10.90 Bottom it surged all the way to the top zone without looking back. I'm not expecting that strong move this time, but thats just a guess. I'm just going to sell the trading shares that I bought at 13 area and get that money back , and buy better bargains next time.whether that's 11 or 10/9/8.
Today's price action statement for me was that the Range Pattern is still alive. but that wont be confirmed until it reaches the top zone again, (above 14.30 area) it would be a good trade to have bought this 11 and maybe take profit at 14. in this kind of pattern.
Watching now for resistance (12.25-12.50-12.75-13.00) and then -13.25-13.50 area) as a finished wave.
and watching support below at (11.50-11.30 area) and later at 11.75-12 , if in an upward pattern)
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