Some encouraging signs with higher lows ( C - 2 ), if i am right, then i can see a path way that looks like what i have outlined in white, however, if that red candle ( yellow arrow ) creates a down ward path beyond 32286, then we have an extended ABC correction on our hands , which would be a bummer.
Global X has hit the 38 fib support now and the yellow arrow is pointing to a spin top doji, which is potentially a swing indication, reasonable support lies there but wave 2 down in my experience tends to gravitate to the 50/61 fib areas, so not confident of a bottom just yet, 50 fib 57 or minor support at 55 could be the go, but as usual, confirmation one way or another is required.
So whilst the fall out is still taking place MACRO wise, AVZ still was able to appreciate just shy of 20% for the week ( 80 - 96) before settling at 89.50.......unbelievably strong.
Yellow arrow pointing to a HANGMAN weekly candle, bearish when found in a uptrend, not surprised that was formed after the good run it had, so a push back is possible, that said, RSI 14 is not overbought at 64 and SP well and truly within the bollie bands, so not ruling anything out just yet, including the 50 fib ( 93 ) resistance being busted to the upside which would be HUGE and key to getting past $1 with little to no resistance standing in the pathway.
Just my thoughts, see how it plays out next week.
ML cant come soon enuff if AVZ has plans to produce by 2025.......bring it !!
Everything is IMO
AVZ Price at posting:
89.5¢ Sentiment: Hold Disclosure: Held
