If there was any doubts that sub wave 1 up was on the cards, then the last couple of days trading has put that to bed, nice higher highs / low and a brand new pink trend line channel to show off my feminine side............
100m turnover today, had a crack at breaking the 78 fib but got capped , nice move none the less !
Lots to like about this chart, .......
a) RSI 14 indicator has come off the 48 support nicely and primed to break the 63 resistance, recent high was 82, got plenty of room to move
b) SP still nicely within the bollie bands
c) 5 ema recently crossed the 20sma
If i am reading the tea leaves right here, then i can see this current run ( sub wave 1 up ) continue to 82c, then a small push back to drop it back to the 78 fib and potentially finish on the 1.68 fib line...........
Charts cant predict futures, its all about the probability and a good understanding of your tools, EW in particular
As always, everything is IMO, IMO, IMO and should never be construed as financial advice.
Good luck all and lets hope the whales come at us again tomorrow.!!
AVZ Price at posting:
72.0¢ Sentiment: Buy Disclosure: Held
