IMUGENE CHART. TA only, page-28771

Previous analysis here

Previous analysis suggested that we could potentially retest the 38.2% fib/e21. Today we see that level tested and held, at least for the initial bounce. The green w5 has turned downward, however due to the aggressive slope of the e21 leading into this price action I would expect to see the retest hold and the bounce continue. A strong e21 slope generally repulses the w5 back upwards before touching it. I would hazard a guess that the next swing up could be looking at a run on 0.150 area. Price action will show the bears resolve.

Downside risk at present is if the green w5 crosses below the blue e100. While I see this as very low probability, it would produce a strong bear signal. If/when w5 turns up from current bounce this becomes even less likely than it already is.

Expectation here is for the 38.2% to hold and we continue to head towards the first hurdle of 0.150 leading into this week's news/conference.