One step closer to giving us the confirmation on the 3 corrective waves. We still need it to drop below the low of the 12th and we have the confirmation of C. wave. Another run on resistance from here is less likely. And at present unless we have a "cup with two handles" looks like we will either have a bounce off the support (red line) or the corrective waves will see the last wave C. wave dropping below A. wave filling the gap before we have another attempt on resistance.
This is still a valid strategy to look for a position. As buying in on Thursday considering todays confirmation and price would seem a tad premature. I'm still waiting on the confirmation of price dropping lower due to validation of the waves. Or price finding support and retracing back to resistance. I await confirmation.
NMR Price at posting:
5.2¢ Sentiment: None Disclosure: Not Held
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