observe the pink lines in NCP's chart... NCP has done a nice impulse up from $11.38 to $11.60, and touched the top pink channel line.
Now IMO NCP will either correct a bit, and then continue up through the top channel, or it will keep going down to the bottom of the channel.
I reckon NCP will keep going down, ie, it will stay within the channel, because the move from $10.96 (the last time it touched the bottom of the channel) up to $12.00 (the flat blue line) is a 3-wave affair and not an impulse IMO.
Note also the declining accumulation / distribution line.
This outlook would be confirmed if NCP goes below $12.00 - next target after that = bottom of the channel...
This outlook would be proven incorrect if NCP goes back above the upper channel line.
Good conditions for a short - lots of room to move down, really close stop just above.
