The grind up continues (market going up even with profit taking since Wednesday is always interesting. I love FOMO) Still no real chance for bears to escape Still no real pressure on the bulls since the 7th of April (Disappointed that this should've been a much easier climb than it has been, so far for PNV)
Next fence jumps I have are 1.52 (which coincides with the weekly ema) for PNV & 8190 for the xjo These are the close prices, so it can fluctuate XJO needs to hold 8120 (attempted breakout is 8330)
I think once PNV can safely hold 1.38 I'll be a lot more confident that our charge back to 2.35 is real, before the next correction comes After we break through the 2.35 level, we can start discussing the 3.50 or 4.50 I mentioned the other day (yes, I don't mind the criticism) Could still be months away, but green is always better than red So, I can sit back for now & do nothing (making plenty of money in the process)
Now that we're trading in the 1.80 channel, the bears will have regrouped somewhere around here The next sell attempt should confirm if this attempted move up is real or not (hopefully hold the 1.38 level in the process) The last 2 attempts by bears was 1.14 & 1.18 It's a solid uptrend, albeit a weak one until yesterday's candle Bears might throw everything but the kitchen sink, to make sure this doesn't get above 1.52 (I still have 1.23 as support for this channel until we break through convincingly)
Until markets start selling again, we have no idea how much of this will actually hold (especially if the market doesn't break out at the end of it all) So, this squeeze needs to last at least until the end of the month to give markets plenty of time to recover (if markets have no intention of breaking out yet) Doesn't need anything fancy This seems to be working (Hold markets up. Let traders sell early. Move up until it breaks into the next range. Do the occasional stop hunt to eliminate the day trading buyers. Convince shareholders that new lows are still coming)
I honestly was expecting a lot more volatility which hasn't eventuated (must mean that too many shareholders are now out of the market with the fake crash, so very little resistance) But once some covering has been achieved, we should see more swings as bears begin to protect
PNV Price at posting:
$1.46 Sentiment: None Disclosure: Held
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