Hi Red.. Here is the chart for ALS your asked for.
Looks like there is another 20% or so left in the tank, though the overall trend IMHO is still down.. yesterdays low went very close to hitting the midline of the channel and quickly bounced back to close at $1.20.
There is definately an opportunity present here, though I would tred with caution setting tight stops has if this hits new recent lows, then expect it to go below $1.. Im not overally sure about this chart I have posted though, so its probably best to get some comments from Haspete or Madmacs who have the real charting skills.
My Pick of the day today is IPL. I entered yesterday after @ $1.81, 0.005c below the closing price of $1.85.
Here are two charts, the first a 5 day 15 minute chart showing the days leading up to the fall, and also the rising trend up since then. There is significant resistance @ $1.88, but if it can break that then expect a decent rise to $2.00.
The second chart is the 2 day 5 minute chart which shows a wedge forming. What I liked most about yesterday was the bounce of the trend line @ around $1.77 in the late afternoon trade to close @ $1.815. I feel it would have close around $1.84 if there wasnt any DOW fear leading into close.
Anyway, lets see how it goes.. I think we could get a quick 7-10% from this trade.
Good luck
5 day 15 minute chart
2 day 5 minute chart
