Your 'well intentioned' posts wouldn't be trying to do that now would they swissboy...hmmmm?
IMO your "black box" has lost its way and some rather basic, yet impoortant, TA aspects are being overlooked in regard to support and resistance. For me it matters not as the next "wave" for PEN will be more like a Tsunami IMO.
12.5c has now been tested five times in eight weeks, on each occasion bouncing back strongly. It has also closed slightly down at closing auction on very low insignificant volume. I have watched all of those closing auctions and it was blatantly obvious the sp was manipulated to that level, with week 3 and 8 the most notable. Making the chart at close of market completely irellevant, to all but those that never saw what happened, as the outcome is false.
The 30 day MA is now at 12.5c and this is clearly a strong support level. Had PEN not been played with at close on Friday a close of 13.5 would have given a more accurate bullish signal in line with the trading that was taking place.
Not being an EW expert by any means, in reviewing EW theory (and that is what it is theory not fact), the current situation is a "Flat" abc, dsplaying sideways movement and not "zig-zag" as you an MJ seem to be implying.
My chart using Fibonacci retracements and extensions displays the next support, should 12.5c actually be broken is 11c, not 10.5c. The 40 day MA is also at 12c and that will be a hard nut to crack judging on past buying at these levels.
I still hold that with the imminent news about to be released, of which is very significant, PEN will break and hold 15.5 and is highly likely to test the next Fib extension level at 20c between now and June.
PEN Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
