I know it doesn’t work this way, but would be inclined to run...

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Boffin99

2,550 Posts.

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09/02/24

21:28

Post #: 72333518
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Originally posted by slick: ↑

Think it's a great question and I like the way you said "healthy" pullback. I'll try and keep this to a minimum as the subject becomes boring and never a vote winner. (folks don't like being told their SP's are falling - I've learnt the hard way)

Look as I mentioned in yesterdays post, CU6's SP has always pulled back to the 8ema since early November after every spike and I'd be calling that very healthy price action. So watch for that next week.
But I'm thinking your question is more about if the SP is in need of a rest, how low would the SP retrace? This is where you're going to get me into trouble as the answer isn't what the good folks want to hear.

It's all hypothetical at the moment as the uptrend is still well intact but lets play the game anyway.
As the SP is in "blue sky" territory, there are no valid support levels upon which to draw any conclusions from so a tool that some chartists use are Fib levels which measure the most popular retracement levels. Now with all my workings with Fibs, the most pivotal level of retracement is the 50-62% levels.
We start the Fib level the day before volume came in on the breakout and go to the top. Therefore you can see that between $1.72 and $1.94 is the 50-62% levels. (don't yell at me)

Now it's important to state that we are only talking hypotheticals here and I'm just answering a question as part of an interesting discussion. I am in no way stating that this will happen as the SP is still well and truly in an uptrend.

As stated previously, I would only be interested in retracement levels coming into play once that white bollie median level gets broken.

Gees this post is going to make @Counterfiat go absolutely ape droppings!

Cheers.

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I know it doesn’t work this way, but would be inclined to run the 50%-62% fib retracement levels based on a $1.50 low being IPO. Below that it’s just water under the bridge IMO.

With time ticking down to P3 approval is there going to more holdings selling or buying.

Like to see how the TA v. FA Cup plays out on this one!

Last edited by Boffin99: 09/02/24

CU6 Price at posting: $2.65 Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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