OK, its been a long time since I have posted my thought on the...

OK, its been a long time since I have posted my thought on the charts thread. Above I have posted a daily chart. The first thing I noticed was the RSI is sitting right on 50 points coming down from being red Hot. I usually use the 50 RSI as an indicator where this will head next and right now its hard to tell, but generally I would say if it breaks below 50 it might have more downside potentially going back towards 30. OR it might find support around 50 and move back up towards 80.

The second thing I noticed was the key level around $1.33, it had a day of testing that level before it moved on the big run above $2 as well as re testing this level twice now showing good support. Again if it breaks this level I dont know how far back it will go, but I would guess close to $1 if it breaks that support. This might take a few weeks to occure as i think the main sell off is finished.

Third thing I noticed was fib levels from start of major run where it broke away from over all trend line is now currently sitting on 0.618 fib right around that same $1.33 level maybe just coincidence or maybe further confirmation that $1.33 is a crucial level.

over all takeaway, we are still in an uptrend until we cross back below that over all trendline. Trend is your friend as they say, when in doubt, zoom out, and all the other cliché sayings you can think of.


And then on the 15 min short term chart I would just like to point out that we are in a descending triangle witch I think has been pointed out before with the trading range tightening between the descending trend line and $1.33 support.

Using the Ichimuku cloud we can also see the resistance follows that descending trend line quite nicely so if we break trough that cloud it will be go time in my opinion.

RSI points to me that it will retest the $1.33 again before trying to break trough to the upside.

This is all my opinion and you should not take anything I say as financial advice.