Hangseng, I somehow missed Robbbb's PEN chart....I am always a...

Hangseng, I somehow missed Robbbb's PEN chart....I am always a fan of his work.

My opinion is that PEN is at a resistance point (centre line) according to the Andrews fork I have been monitoring. From a purely Andrew's point of view I say flip a coin as to whether we bust into the upper channel or not....BUT.....looking at my cup and handle from the other day I proceed on the side of optimism. The purple lines on the chart denote the measurement on cup depth and the projected measurement to the upside....as you can see that more or less takes us right to the top of the andrew's fork at somewhere around the mid 6's. Note this is a weekly chart so the target could be reached sometime between now and the end of next week...All IMHO, of course.