I'm not one who is hesitant here, LOL.
I think the guys who want to hold off are just being cautious. They believe that you can derive a set of demand levels (resistance & support) from the past trading history.
Usually you can, but not with MIMV.
I think that only the last three days matter here because the last three days were the first ones where there was any kind of "Demand" for MIMV shares. And it was a demonstrated level of considerable "demand" these last three days, wasn't it? LOL.
Prior to the news three days ago, there were almost no datapoints in the past that permit the use of well known technical tools for disassembling the trading the chart describes. I mean, without volume, how can there be anything meaningful described by what happened in the past? For all intents and purposes, the trading in MIMV has never had any kind of pattern until the last three days.
Look at it this way: since the volume kicked in three days back, there are millions of shares at levels like .46 or .58 and so forth.
The number of shares held at these levels because of historical trades are so few that, in the last three days, a typical minute saw more activity than happened in an entire day, most of the time.
The presence of a lot of shareholders at the volume points on the charts that have happened the last three days defines support and resistance for us.
Support and resistance are not abstract concepts. They delineate the points at which share activity happened, and share activity means that shares are held at the points called support & resistance.
So, look left back to May and call .51 meaningful, but I consider a day with that few shares traded as all but meaningless, given that most weeks, we saw days where there was no trading at all.
It simply takes volume to define where the action is going to play.
You can look left on a chart and see where support and resistance are if you have data points. And the only place in MIMV charts where we have datapoints is the last three days.
So I used only the data points in these last three days, and I'm not the least bit hesitant.
Here's what I see
There is an ABCD on the 15 minute charts (or the 10 or the 5 or the 30 and so forth) these last 3 days.
AB is 18.2 to 54
BC is 54 to 41.35
CD is 41.35 to 71.7
To use a Fib on it, use 18.2 to 71.7 and look at the 382 retrace. And the 50% retrace. And the 618 retrace. And so forth.
I contend that, since there is no way to trade using past data points, the guys at the MMs who are trading this stock are defaulting to using this Fib splay.
Thats what I think, and I also know for a fact that, based on that, the action today was VERY, VERY tradable.
Simple as that.
You can use .51 from May 10 and call that the first level of support if you like. There was a whopping 52 K traded that day. Big deal.
If you used 51 cents today, you were in limbo when we opened up and pulled back to .442 in the first 20 minutes. And there it held.
Guess where the 50% Fib retrace was today?
.4495
What is better? Knowing that .4495 is where it needed to go to do a 50% retrace or sitting there confused because it went past 51 cents pronto, and the other support (.37, rught????) was nowhere in sight.
You want to be confused? Call .51 the meaningful price level to have an eye on. You want to watch it dance like it was scripted by you and you alone? Do what I'm describing here.
I could trade the heck out of it today by looking at .4495 and the 382 and the 50% and at the Level 2 and knmowing what the bahavior meant.
And when they tried to take it down during lunchtime in NYC, I was able to comprehend exactly what I was seeing because it made perfect sense.
Using .51 made nonsense today.
Using .4495 worked.
If you don't want to be hesitant when it does what it did today, use the right approach.
In any event, I told everyone as it happened and I was not hesitant at all.
Simple as that.
Imperial Whazoo
News 
Market Data 
Discover 
AI
