mid-term prospects, page-5

Hi all,

I thought I'd provide an updated chart to the one in my earlier view on OVR's mid-term prospects as outlined in Post 5260035. I still think the overview provided in that earlier chart will come to pass, however it looks like price may do a further, more deliberate retest the 1st Warning Line as a support level, before heading north. If that is the case, then I will not be surprised to see price continue to retrace to about the 0.086 level to touch that line before heading north again. For those who are believers, it will be a good opportunity to place a buy order at 0.087, or 0.086 if you're feeling lucky, to top up on temporary weakness.

There is no guarantee that the 1st Warning Line will hold of course, but I would be surprised if it did not. If if did fail, then price would almost certainly retest that line from below as resistance before crossing back up over it.

Once price moves north from a successful retest of the 1st Warning Line as support, I still feel it may rebound initially off the Lower Median Line Parallel (as a resistance line) and need to retest it before punching through, but once again that is normal and is to be expected. I expect there is about an 80% probability that price will test and retest (as either resistance or support) each of the significant lines on this chart that it crosses, moving in either direction.

We have seen how fast OVR's price can move with some momentum behind it (0.75 to 12.5 in five trading sessions) so I won't be alarmed if it comes down almost as quickly to conduct the retest mentioned above, before moving on. Ultimately, the overall picture for OVR is still one of huge potential as many of the long-term holders on this thread continue to point out, and newcomers like me are more than ready to accept on the evidence at hand.

Regards,
Bones