pete, the light blue lines are going down. that is the handle to the cup. a cup is normally a continuation pattern. we had an initial rise out of the trips on that run in june when we received the 1wc update, this created the left side of the cup. however pps had not bottomed yet and shares were not done being sold so it fell again creating the cup bottom. once dilution ended buying pressure and anticipation of news brought up the right side of the cup.
the next step is consolidation. this is the handle. pps normally does go down curing this period but is supported by that dark blue line i drew on the right side. most times pps needs to hit this line at least twice. we did once during the initial bounce. now we are looking to again. so yes it they are resistance lines. but they will break soon creating the final stage of the pattern: the breakout. and the breakout is normally a move at least as strong as the move from bottom to top.
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