An even bigger picture which answers a lot of questions for me - the logarithmic monthly going back to the all time low in February 2013 and the all time high inSeptember 2015 with Fibonacci retracement overlay. Magically it shows the -61.8 retracement level is - wait for it - 47 cents...
The breathtaking scale of that breakout from August 2014 until the end of February 2015 is patently obvious in this view with the sp jumping some 719% between the open in August 2014 to the close in January 2015 over 155 calender days or about 1700% per annum equivalent (blue trend line). This was followed by the rise in June through September to the all time high. of 117 cents.
Really for me this explains why it has taken 2 years for this to wash through the price action. Realistically unless the performance had emerged to back up the share price once it topped out in September 2015 it was always going to struggle until the sp and the fundamentals started to realign.
Anyone buying into that period following the big upleg between August 2015 to January 2016 and subsequently was buying into a major topping pattern which after 2 years now is probably coming to an end as the SP and fundamentals come back into alighment.
Whether there is still a bit more to go I can't say, it does look like over the past 6 months the bottom has been forming but it has been tough and many have run out of patience and tended to take it out on any signs of an upward move. The pity is that the end of the torment must be in sight and some are jumping off the bus maybe a block or two at most before it arrives at the desitnation.
Monthly log chart August 9th
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