Definitely not the first time I've been wrong. As I've said many...

Definitely not the first time I've been wrong.
As I've said many times, I just call the probability of what I see. I've never said that this chart was pretty, and have always said that any bull moves need confirmation before they are legitimate. I've also included the absolute critical need to pay attention to the macros. Recently, it was looking better, until overnight.

If we go back to the top of the run in the 60's I did call it topish and needed to pull back, which incidentally is where I sold some to convert options and go on my honeymoon. As I was away, I (un?)fortunately missed the larger part of the down move and its start. Having said that, I openly admit that I have been, and still am bullish. At least until the key level of 61.8% at 0.250 is broken, the level I've been banging on about since IMU got pummelled in the lead up to the MSCI inclusion 10 months ago.

I see alot of commentary, but little analysis at the moment. I'm prepared, as always, to state the reasons behind why I'm bullish, as I have done so as recently as yesterday. The price drops but no-one has really given any in-depth analysis on it other than drawing a down channel. To hoots credit at least he's provided a death cross (which I have no experience with so I won't comment on). I'd certainly like to see any detailed analysis from those who are happy to call doom but not provide any technical evidence.
There are a few things to keep in mind, that anyone worth their pinch of salt in TA would know

• Fundamentals are always most important
• Larger time frames are always stronger than smaller ones
• The 61.8% fib level is the strongest support(or resistance) level of a fib
• A retrace to the 61.8% gives the largest target(50% is equal target but less strong)
• The current fib has been obeyed for 9 months now, and is the most significant one.
• We are still on the bull side of that 61.8% fib

I have never said we won't go lower, and in fact have often called the need for it at certain times. At the moment, fear is in control. This has been helped along the way by games of accumulation. Someone is going to benefit handsomely at the end of this. At the moment, we are way oversold. At the moment we are approaching the most important level for IMU since we left 0.092 on our massive bull run.
And, at the moment, while we remain on the right side of the 61.8% fib at 0.250 I am still cautiously optimistic. Tomorrow is Wednesday, and a minor rally like last week would be welcomed. It will depend largely on the the news cycle from tonight's events.

For disclosure: I haven't sold any since I left in early Dec, but it's now at the point where I would have sold it all if I had the foresight of where we would be today. I'd be buying as much as I could at these levels. I'm sure most of us are at that point now. At the end of the day however, company fundamentals haven't changed. The world's biggest company's are interested in what we have, and the first commercial deal we strike could easily provide a special divvy worth more than our current share price. I'm not happy to see the price drop like it has, but it's not keeping me awake. Looking forward to the deals to be done as I always have.