Perhaps I can finish off with further comment on AIM. One of the difficulties in TA is identifying the current pattern unfolding. Some have said its a ledge formation, others a consolidation or a sideways movement. When I took this trade I was merely happy to wait for a breakout over 26c believing there was sufficient momentum to reach at least lower 30's.
Reviewing my trade decision process I consulted the Bible: "Encyclopaedia on Chart Patterns" , Bulkowski, to see if I could identify the pattern emerging. The best I could come up was "Measured Move Down" ie One leg down, followed by a corrective leg, and second leg down. So the first leg was completed when the low was reached at 20c, and the corrective phase stopped at 28c and we COULD be in the second leg. I say COULD be because this pattern has a failure rate of 22% long term ie if the second leg fails to break 20c then the pattern development has failed.
AIM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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