elliot wave target $1

Musashi, you missed my reply to your post below,

"Botkiller & Lazyguns thanks for the support and kind words. As for targets. I'm a short term trader so I'd like to see this on confirmation of the move first break that previous high at 59 (real bodies) failure to break that gives us a double top. Not desirable. But a break of the recent high well & trully confirms the next set of waves and then $1.00 is not unrealistic. 15 - 60.... 40 - $1.00. That's taking into account that these strategies form and aren't voided. But even without the waves, a double top forming still gives a spread of 40 - 59 not a bad percentage.

What's encouraging is that during a bad week our support line held and we even had a small battle today with the bulls & bears. So I'm excited."

Above posted by musashi on AGS thread,

What sort of time frame are we looking at for the above to play out, could it be over a few months, or a few weeks, or is it a suck and see, just trying to understand Elliot Waves and seems we have had the first set play out and and await the second, not many stocks go from 13c to 60c, back to 40c, and then to possibly a buck!

Is it possible to keep this thread going here so you can let us mortals knowvwhen you take a position, and when you give it up, seemsblike a possible short tremors dream here playing out and would be the perfect example to learn from.

Maybe even if time allows you might be so kindvto replicate one ofbyour magnificent charts.

The rest of your analysis below for punters who may wish to get up to speed, as written by musashi69


"Original Analysis.

"Interesting chart. Had the Death Cross back in March and now we have just had the Golden Cross with a nice retrace to strengthen the signal. This is a long term bullish indicator. Normaly I only cover short term moves. But it's never wise to ignore a signal that can ultimately lead to a very nice momentum trade. Short term as we have already had the retrace I can see 0.55 being a valid target."

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Second Analysis

Well I had it at 0.55 and the real bodies topped out at 0.59. Here's the thing. You're coming off a 5+3 Elliot wave pattern. At present you are sitting in the wave C. corrective phase. The problem with Elliot waves is they are very hard to read and they're subject to each chartists own interpretation.

So for my analysis to be correct we need this to start creating the next 5 wave sequence. I'm not going to bother giving targets at this stage. Let's work through one step at a time. Last candle a Hammer. On it's own nothing special as it signals a continuation of trend or a trend reversal. This one isn't textbook as the wick needs to be at least twice as long as the real body. Our main priority is getting a retrace at or before we hit the 0.365 support (solid red line). A retrace before hitting that would give a strong Bullish signal of a reversal. A break of that support would likely see Gap B. filled. Something to look forward to.

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Updated Analysis.

The whole worlds a stage. And we're all actors. But not everyone of you will be paid.

Red line changed to a blue support line. So for my A, B, C corrective waves to play out we need that support to hold and we need a retrace off that support. As mentioned a failure of the Bulls to hold that defensive line and we see gap B. filled. It isn't time for no song and dance just yet boys. But she's close. I can feel it in me old bones. And that means it's going to rain or I've got a profit coming. All the indicators to me are looking healthy. Just hold yer fire till you see the confirmation. For those already in that didn't sell on the high. Cross all twenty of your fat little digits and hope that my wave analysis is not voided, or you'll be in for a few sleepless nights."

musashi69, thank you