That is of course correct to a degree there was some resistance on the weekly chart at $1.55 where it failed and although peircing the 21 week moving average on an intraday basis it closed conclusively below there.
Having said that there is no real structure to the wave count so it can find support at around 90 cents before another bounce.
Fundamemtal value is 20 cents but it's a pure momentum play
Exit liquidity, page-16
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