Hi LongreachIt's been a while. I can't advice, but I can read...

Hi Longreach

It's been a while. I can't advice, but I can read the charts.

Sometimes with the charts its best to step back away from the daily and weekly charts to take a look at the longer monthly charts.

As you can see the B-wave retracement upwards is a pretty standard 38% FIB bounce. Nothing at all spectacular.

The 12MMA is cutting across the monthly candles. A move with the monthly candles completely above the 12MMA would be very bullish. A move to where the monthly candles are completely below the 12MMA would be very bearish..

Notice that the last month is almost complete and this month seems to be forming a Doji candle with a long tail. Read up on Doji candles near peaks with long tails. often construed as turning points.

I think that you should read this chart with the knowledge that the first serious event horizon is still 12 candles away.

With resistance so far of the B-wave at 38%, if the SP falls, three options are evident.

(1) Bullish. A pull back from 85 but not reaching the danger zone which starts at a 50%FIB pullback from the B-wave of 54-85. That's before SP of around 68. So if the SP begins to rise from pulling back to say 70 and goes above 85 very bullish.

(2) If the fall goes lower the 68 we enter the DCB zone. Bearish. There should be some form of bounce on the way down, that's normal market behaviour.. There is an outside chance of a double bottom around 54 , but that's rare

(3) If the fall continues then the C-wave downward extention FIB's can't be ignored.

I am watching the stock. No interest from me at this point as my opinion is slightly bearish.

Just the way I read the market so that I am not surprised by what plays out , as always DYOR.

cheers Lies