leg up complete - retrace begins

Thought it may be about time to change the title...

So in a down trend prev support becomes resistance so we should see som solid resistance at 69c to the upside... Don't be surprised if it bounces off here down again.


So the Natural retrace point for any stock is usually 50% of a Leg upwards ... When you have more than 1 leg you also need to put in the back of your mind that it could retrace 50% of , in this case, both legs ... Low likelyhood but anything is possible.

So the "natural retrace" level in my mind would be around 59-60c if you assume the start of the leg was at 44.5c.

Typically the when in retrace the Buy/Sell ratio falls also (sometimes to the negative) currently its around 1.5:1 at time of writing which is still slightly bully but a far cry from the 13:1 we saw earlier.

I'm not privvy to the thinking of the buyers or sellers so I don't know how far it will fall... Also like a said last time Im not saying that it won't go higher in time. Just shaking the looser apples from the tree so to speak. Some of the low hanging apples are bound to fall as they are now bigger than they were before.

All is IMHO DYOR to Confirm