Another view and my thoughts. Just as on the way up the SP formed triangle patterns on the supporting trendline before each impulse move up. On the way down SP has been forming triangle patterns under the downtrend resistance before each move lower. Chart shows recent price action with the first purple triangle forming and breaking down into a bullish falling wedge pattern, the orange arrow is a previous repeating range down indicating where the price was likely to pull up. We found support on the gap at 32c and broke up out of the red downtrend channel to test down trend resistance and find support on the dotted line at 39c. Price now appears to be forming the next purple triangle. A break down is likely to test our gap support at 32 and the orange range shows a target of 28c which lines up with the pink repeating range down. The blue and black arrows are repeating ranges up giving some targets should price break above the purple down trend line. Resistance is at 53c. Until the trendline is broken we are still in a down trend. Hope this helps.
You can draw your own conclusions as this is just a bunch of lines and arrows on a chart :-)
Cheers Rhodes
MEO Price at posting:
40.5¢ Sentiment: Hold Disclosure: Held
