major support at 52.5c, page-19

im going to assume the chances are not that good on closing the gap just yet.

after price tagged lower boll at .41 cents, the black down trending line was of importance because that was containing the downward move.

so to the 50% fib on my chart as that's the centre of the range bound area (in red), which is captured by the the 38% fib found @ the 38 cent base and the 23% fib which has captured the highs of the sideways range, as you can clearly see.

my understanding was when we were down that low strength will need to enter the chart in order to get above and we saw that strength as price gaped up and smashed through that significant area which I mentioned above (outlined with black solid lines)


considering .52 area which was the original wave (1) high and gap area was only breached today, not broken.

basically untill that goes the gaps not getting shut, the only way the gaps getting shut is if the 50% fib goes and price wants to get back inside that black line which was hinting weakness.