chart., page-78

"Waiting on confirmation of the next move before taking a position"

musashi69

Its interesting that you are waiting for confirmation with the Charts. I dont see how in this situation (AGS) you can if one is looking for a long term position or other.

As you post its a textbook 5+3 Wave pattern or 2,5,8 Fib Move.

Usually when these "Wave Moves" play out, there is sideways trading in a price range around the point of 61.8% of the Recent High, in AGS's case the Close on(20/2/2012),59 Cents gives you around 36-36.5c.imo T/A Traders will be attracted to this point and price range from here short term. imo

Buying for NEW buyers in AGS's Case (potential long termers or s/termers) in this sideways trading range? will give them, shortly, a risk or reward scenario ie the mining lease is accepted (with or without "additional news/update" re J/V) or there is a left field announcement that the Mining Lease is not accepted (for whatever reason).


Confirmation of direction of the s/price from here comes with the next announcement.

For AGS ATM, technically, its a speculative buy(punt) with defined risk and reward attached.

My post aside, your posts are informative.

Good Luck All

Md