IPD monthly trading pattern since April 2013 is one of the most perfect elliot wave structures I have ever seen in a stock.
Firstly the rising market classically a 5 wave structure
Wave 1 (up) Apr 2013 to Nov 2013, Wave 2 (down) Nov 2013 to June 2014, Wave 3 (up) June 2014 to Dec 2015, Wave 4 (down) Dec 2015 to April 2016, Wave 5 (up) April 2016 to Aug 2016.
April 2013 stock closed at 5.4 cents and rose to a high of 1.82 in August 2016.
Secondly the falling market classically a A, B , C wave structure.
Wave A (down) Aug 2016 to May 2017, Wave B (up) May 2017 to Dec 2017, Wave C Dec 2017 to Aug 2018.
Start of Wave A Aug 2016 High of 1.82 to the end of Wave C Aug 2018 0.26
Could wave C continue further downward/ Yes it is possible. The Fib's all through the downward cycle were suggesting and end point of 024. It got very close to that at 0.26
Could there be a double bottom? Yes. I have seen these before. We have just seen a rise from 0.26 to 0.56 it could return to approach 0.26 again. However for this to happen the Hi-Lo on a weekly basis will have fallen entirely below the 10WMA which would be a signal that ths was likely to occur.
I am aware of bollinger bands but I find MacD and RSI in combination sort of does the same thing.
Anyway I have rambled on too long.
cheers Lies
IPD Price at posting:
44.0¢ Sentiment: Buy Disclosure: Held
