I'm calling yesterday the bottom. Here is a 3 day chart. I use Elliot wave analysis as my primary trading framework and when you get it right it is beautiful to behold.
Take a look at this 3 day chart. Things to note is the 61.% retracement is 14.8 cents based on the wave from Nov 14 2016 low (off the chart) to the 37 cents high. The correct place to put the start of the last 5 wave move up is around Nov 14 2016 (off the chart) and not at point (2) on the chart below where some others have put it.
View attachment 1108117
And now the latest 5 wave move down in a 2 hourly chart.
View attachment 1108120
Here are the reasons why I just bought into this stock, in increasing order of significance.
1. To me, it is like a Elliot Wave textbook.
2. It hit the 61.8% retracement yesterday (15 cents equals 14.8 cents for me). See 3 day chart.
3. The most probable Y versus W ratio is 100% and that says 15.5 cents See 3 day chart.
4. The C versus A ratio is typically 100% and that shows 15 cents.
5. The 5 circle to 3 circle ratio is typically 61.8%. That price is 14.7 cents.
6. The time taken for the (Y) wave to occur compared to the (W) wave is typically 100%. That was yesterday. You can see this under (Y) near the volume at the bottom of the 2 hourly chart.
7. The post triangle trust measurement, which measures how far wave 5 goes after the end of wave 4 indicates 15.5 cents.
7. The reverse Fibonacci ratio of 138.2% (most common) from the latest swing, iii circle to iv circle, is 14.9 cents
8. There is bullish divergence of RSI. At iii circle (16 cents), RSI is around mid 20's, and yesterday when the price was 15.5 cents it was above 30.
All systems are go, the new trend begins.
This is purely my opinion and for your edification. I make trading decisions on this, but that doesn't mean your should.
All the best to all.
