well it's below the 10 day MA, but there is a narrative in the chart. 1. We are in the 5th wave on a weekly/monthly timeframe (hard turquoise line) 2. Narrowing the timeframe shows that we are in wave 4 on a daily timeframe (light dashed turquoise line), within that 5th wave 3. within the 4th wave on the daily there is a bull flag (bullish formation that looks like a consolidation wedge outlined in black) 4. If this bull flag plays out the natural extension of this takes us to ~$1.255 (black line extending from bull flag) 5. This coincides with a long-term resistance level (light grey line at around $1.27) 6. I expect the 5th wave to complete as an equal length to wave 1, which will see this go to $1.255.
So there are three confluence points - 1. overhead resistance at around ~$1.27, 2. bull flag breakout to take us into completion of Wave 5 on the longer term timeframe to ~$1.255 3. Often Wave 5 will equal the length of the first wave, if that is the case, it will coincide with above two price objectives ($1.25)
Beyond this point, I'd expect a cooling into a corrective Wave A, and then a strong Wave B to take us to the $1.40-$1.50 region (maybe around July).
It needs to honour the limits of the 4th wave now (dipping below $0.91 is a no go zone and hopefully the low on Friday saw the end of wave 4).
AMS Price at posting:
99.0¢ Sentiment: Hold Disclosure: Held
