technical analysis

i'll try and keep this simple:

haspete showed a great chart recently on mnm. if you're interest is ta, check it out if you haven't already.

hp forecast a quick bounce from the 16cps area being the 50% retracement from 29cps basis the 2cps low.

it happened, and how.

it appears we've now seen the completion of an 'elliot' fourth wave triangle that began at the 29cps high.

the 4th wave ended on very low volume to 16cps on 18 jan.

prices then rallied in five waves to 24cps on 20 jan, retracing another near perfect 50% to 19.5cps yesterday.

on a smaller scale, then, we've now seen another five wave sequence trace out with a three wave pattern down to 19.5cps

there are only three valid entry points in ta. this is one of them.

if the surge to 29cps was a third wave, which i suspect it was and was fully onboard for, the low on 19 jan at 16.5cps was the beginning of a the fifth wave of similar degree (or scope, if you aren't familiar with ew terminology).

note that the third wave took prices from 2cps to 29cps.

this larger degree fifth wave will likely take prices to well beyond 29cps.

if ranges repeat on small scales and larger scales (markets are a fractal) we're looking at intial resistance at 28cps because of the recent range from 16.5cps to 24 cps

following the 28cps test, expect a break of 29 cents to no less than 43cps, which is a repeat of the larger range.

game on, again, come monday.

apologies if this was not in keeping with the 'kiss' principle.

good luck!