It found support on the 34 EMA and is being squeezed between that and 13 EMA.
If it is the start of a bull run it needs to "channel" and cannot break out of the channel without a significant retrace. However i dont see a completed 5th wave unless it is going to truncate and will lead to quite severe falls. its really at the inflection point now but i would not be holding if it decidedly breaks this channel.
As ive said i think Q3 will evidence between 20 million and 50 million operating losses as arrears were trending much higher and they have made a rod for their own back by comparing bad debts from a weaker quarter against revenue from a stronger quarter and now this reverses and they cant use the accounting trick they used the last time.
The Bear Room, page-978
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