One of the most fascinating aspects of technical analysis is that it seems to work best when no-one is paying any attention to it.
It took 9 days of trading to go up 13c, a nearly 100% increase to 26.5c/sh. We have been in a correction phase for 14 trading days as of today. We have had an approximate 62% decline in prior move in 162% of the time.
An abc or abcde correction can be clearly made out, completing a second wave correction for any that follow Elliott Wave analysis (which to me always seems to morph just when you think you have it pegged). The dynamic third wave should be next, which is exactly what we would get if discovery was made...
Just noting the above....... because technical analysis works a certain percentage of the time, just like Elliott Wave also works a certain percentage of the time.
If today is the bottom with a discovery announced before we trade again after today, then the Elliott Wave and retracement levels will look perfect in hindsight, assuming 18/18.25 are the low/close..
If I didn't have a position, I would take one on the above evidence, but I already have a large position..
IVZ Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
