New TA/Charting, page-12871

So there was this guy who bounced in yesterday suggesting that he needed to put everyone on the LTR thread on to the right track re the direction of price moving forward.

I responded to said individual last night asking for a chart from him so that he could share with us his thoughts regarding his thesis. At this point in time I/we have not had the luxury of seeing the aforementioned chart and an explanation of how he comes to the conclusion that price is now in a downward price channel and will soon hit 0.75, at which time he will buy in again.

Given this, I thought that I would put some lines on a chart and, hopefully, represent what has been suggested. Below is that chart.



Two points of interest from the above chart:

1. the blue shaded area (price channel) shows the overall long term trend that LTR has been following. Note that this chart shows two extended periods of sideways price action (Nov 21 to Mar 23 and Mar 23 to present).
2. the red shaded area is the suggested (as best as I can guess) downward price channel with will eventually lead to a SP of 0.75.

A few observations from the above. Firstly, the extended trading ranges, though significant at certain periods, have not shown the tendency that they were going to break down, whereby price was going to fall through the floor. A trading range is a range, price will fluctuate up and down. That doesn't necessarily mean that on the way down price will then crash. Price crashes generally need a catalyst. This brings me to a second observation, namely a 1.78% decrease in price doesn't indicate the start of a significant price decrease (to the point of price ending up at 0.75). Should this transpire price would have to decrease a further 73.56% from Friday's closing price. My question is what is the impetus or catalyst for such a large price correction?

My casual observation of Friday's price action was that it was following the broader market's price action.

Dow Jones - up Thursday and up for the week (Friday our time)



NDX - down Wed, Thur, Fri and down for the week - US time


S&P - flat Thur, Fri and marginally up for the week - US time


LIT - down for the week but hasn't broken trend (yet)


So again, I have to ask where is the overall negative sentiment or catalyst that will see a major correction to LTR's share price?

IMO DYOR