"1. PEN had 3 low volume test bars followed by a high volume up bar on friday. given the massive drop PEn had and rise again on huge volume, is this low volume test phase over? or would you expect some more low volume test days?"
relatively speaking Fridays volume was LOW, before the accident or carnage to the shareprice it's volume yes, would've been Ultra high and caution would have to be taken
of course anything can happen but I don't see any weakness atm at it's present position or cause of Fridays volume, it was only reacting to the 'No Supply' bars of the previous 2days
it may be hard to see this but if you look at the chart and note the difference between Monday and Tuesday's bar, you see that Tues although had more volume IT was much more narrower, then followed 2days of 'No Supply' sitting on top of our HUGE upbar No2. which was the return leg of our bottom reversal. It's reversal was plainly to shakeout everyone and then whip it straight back up. everyone bailed going down and then stood back and said what the, as the price zooms back up. It's actually just a 'Shakeout' over 2bars. sorry back to the first part of this para, I'm suggesting that with Tuesday's action and then those 2days it can easily be seen the tide was changing and Friday was not unexpected, we call that action, 'SOT' or shortening of the thrust'
"2. you pointed out the gap closed around the 12 cent area. PEN still has a gap at 8.4 cents (the bar before your "no 2 bar". so if there was more low volume test bars, these test bars could be done as low at 8.4 to close the gap?"
could but I don't think so cause it had 2days before where it could've dipped down and closed it, so why not then ?
the No2. bar was Gapped up and over the top of No1. so that they didn't have to buy out any Sellers from the top region of No1. these traders/speculators who possibly bailed on the extreme lows got all confused and just jumped back in as they saw the shareprice flying back up, not observing the huge volume they were buying into. so the next day when it dipped back down on our TEST day, these late buyers possible as high as 8.7cent were possibly trapped in the highs of that bar and witnessed it go down to as much 6.9cents. with all the things that was happening in Japan they would've been very nervous holding, that's why I think the SM gapped it up and over them not to waste their hard earned dollars, therefore no I don't see that gap as major, boy have to stop writing now :)
