bones131, page-16

Hi Nathan,



As at 12:15 today, price had risen to touch the next warning line on the attached chart (at the 40 cent level, to the nearest half cent) before pulling back to do two things - close the gap between yesterday's 35.5 cent close and today's 38.5 open, and retest the 0.618 division line on the chart (at the 34.0 cent level to the nearest half cent) as support.

In doing the latter, price also completed a 0.382 Fibonacci retracement of its move from the start of it's most recent leg up (from 24.0 cents to 40.0 cents) as shown in the right-most set of numbers on the chart. Because the previous pullback (following the move from 12.5 cents to 31.5 cents) was also an exact 0.382 retracement, I believe that today's low of 34 cents is the bottom for today.

If we don't get an afternoon surge upwards, and that's looking less likely, then price will probably settle on the 5th warning line as marked on the chart for a close at 35.5 cents, if it manages to rise off the 34 cent level.

Todays action represents just a pause to gain breath before moving on. I've been topping up again at the 34 and 35 cent levels during the morning.

Regards,
Bones