Below is a wave chart for AGO generated from 60min closing bars, with a 2cent wave overlayed in red.
Volume numbers show in millions.
This chart is used to show the 'force' of the buying and selling in waves.
The last wave is still incomplete until it moves higher and closes at least two cents higher, or it can still continue lower.
The interesting thing is that the last wave contains 68 million shares so far, but has not been able to make a new lower low.
68 million shares is the highest downside volume on the chart, surely that is enough supply to make a new lower low.
Instead it appears to just be retesting the previous low & holding steady (so far).
The last four bars alone represent 21.5 million shares.
On an effort Vs reward basis this is a potential failure.
It is very suspect that demand has come in here & is buying the supply that has arrived at this level.
As mentioned earlier, this is unconfirmed on the chart as yet, but it sure looks a bit suss at this point in time.
cheers
atlas chart, page-64
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