Thought it might be a good time to do a price action update even...

Thought it might be a good time to do a price action update even though Cabbie posted a nice chart on 19th Sept, which we can use as a reference.

We've certainly had a wild ride down since that chart was posted. We couldn't hold the 50% Fib retracement however today we closed at the next Fib support level (61.8%) which also happens to be the top of Wave A of a three wave count from the previous move up from 3.6c to 11c.

As Cabbie mentioned in one of his posts the 61.8% level is also close enough to the midway point of the first large bodied white candle from the previous move up. So IMHO we have a few reasons to suggest that this point could be a nice support zone. If we are able to hold here, then the potential of a full 1c rally is very possible before we backtest the next major resistance level which acted as support only a few days ago @7.5c.

Also worth noting is the RSI & MACD which have both reached support areas not seen since mid July when we hit the all time low of 3.6c, another reason that this could be a potentially nice area to accumulate.

Finally it looks as though a 5 wave corrective pattern/count that began at 11c on August 1 may be close to completion.

With a current market cap. @$57mil (6.5c) and the completion of the adit and formalisation of a landowner agreement not too far away, this baby is beginning to represent exceptional value once again IMHO.

Happy trading & investing whatever your position.

Note: my opinion and analysis are mine only and in no way am I offering advice of any kind. DYOR