Replies to post #13507 on Rock Creek Pharmaceuticals Inc. (fka RCPIQ)

[123tom]

Regarding my technical 1.50 buy zone, its the logic of my charting, using the basic TA, Elliott wave, Fib levels, trendlines etc.... the magnetic price points where we see support at the low zone and resistance at the next high zone,as wave structures play out, is where I see the area around 1.50-1.30 as a target low zone. the resistance levels overhead now are an entire zone from 2.20 - 3.20 pick a number. 2.40 , 2.30. 2.75, or 3.00 it could be anywhere in that zone where buying volume dries up. From there, selling begins in earnest. the recent selling is either just a basic wave 2 pullback,(or wave B) that may stop here at 1.70 (which is a 50% fib in the wave structure so far)so an overshot could target 1.50. I would consider that area as the pullback zone/ buy zone
I personally never buy topside breakouts. I wait for pullbacks and buy where support holds in a larger pullback. right now, that buy zone is closer to the 1.50 area. It may not reverse again soon and get there, or it might get there later on in the coming days or weeks. Its just about watching price action from here. If we see more upward price get well into the resistance zone, why wouldn't the short attackers jump on it there.
If STSI might be establishing some kind of trading range, we are looking at 1.20 bottom zone, maybe 3.20 top zone
Right now, all it would take for the next subwave down to target 1.50 is for STSI to fail now below 2.20 in the coming days, retest 1.70 again, fail support there, and plunge to the 1.45 target.
and that would demonstrate the shredding of the bullish engulfing candle theory happening now.

In a rigged market, you can only go so far with TA. what I think I'm still able to see with TA are the low zone targets to buy and the top zone targets to sell. and the middle zones are just a guessing game.
and currently my target pullback zone was closer to 1.50
I could end up being wrong.
I had forecasted the current rally wave to hit a wall around 2.20-2.35 area.(which it did)
I think upon the next level of resistance overhead this rally will be getting thin , and wave structure and indicators confirm, overbought and ready to reverse in a good pullback. the blip down to 1.70 we just watched was fast furious , one single subwave, not an ABC ,and not low enough .I feel a big whipsaw coming soon after the sheeple buy the topside breakout.