Thanks for your chart MK. Showing the 61.85 fib retracement at $1.33
yes also looking for a bounce from $1.33c level.
----------------------------------------------------------------------------------------------------Doing charting and in particular Elliot wave is tricky and sometimes multiple patterns coincide with one another and you must pick which one you "think" will be correct.
I had picked one particular EW pattern Which had a retracement back to 1.33c but as it turns out another larger EW pattern also has this 1.33c retracement which is only now showing itself.My original EW had a Wave 3 (W3) top of
1.91c which we hit early on in one day and pulled down to
1.33c. I though thats the end of W3 and retracement W4 done and dusted.
Hmm no its not that pattern apparently.It now is showing (slowly!) that from 69c start up to 2.34c TOP was not W3 but instead W1(wave 1) Then the retracement from 2.34c down to today @1.33c as the W4 = 61.8% level.Note - you need W1 & W2 to confirm your pattern and levels from here on up etc.
SO....
IF thats correct and we have just completed a
W1 to $2.34 then W2 down to $1.33
our next leg will (should be) Wave 3 (W3).What would Wave 3 (W3) be in length and Target price?
Wave 3 = either - 161.8% or 261.8% of Wave 1 (W1) Wave 1 (W1) length is 69c >$2.43 = 165c165 x
161.8% = 267
So 267 + 133 (Bottom W2) = 400 or $4.00 target $4.00 target165 x
262.8% = 432
So 432 + 133 (Bottom W2) = 565 or $5.65 target $5.65 targetSo now we shall just have to wait and see what developes and have we just done W1 and W2 legs.
No promises, but today could be the Pivot point for W2/W3. here hoping so.
The ASX Market & global Markets are a problem,
what I call a "wild Card" event which can alter or even cancel out normal charting patterns due to the overwhelming "FEAR" generated!
Its worth noting that their are
always "some" stocks going up strongly during a Market correction. Stocks with underlying factors, much like our BrainChip does have in fact.
Make what you want of the above notes and figures. I will be watching to see if these come to pass as correct and a confirmation developes.
As always - DYOR and this is not intended as Fin advice.
Yak52
(lastly we seem to be following the ASX on charts, tick for tick today. Tells me traders @ Banks and Brokerages are in control today)
how many shares going to Europe after this weeks rape & pillage?
(20min delay)