@tambarino, finally somebody with a serious technical interest on this charts thread.
A couple of tips on Elliott Wave. I've had a lot of training and experience in TA and I can tell you that EW is the most powerful tool of them all. But it's just one tool and needs to be used as a big picture road map and then combined with other tools for entry and exits.
Secondly, like all TA it's works best on big liquid stocks and indices where thousands and millions of trades are averaged. When you get into these pre - profit spec stocks that are pumped and dumped and controlled by insiders and those gaming the inexperienced retailer you can't be too pure on your technicals. A bit like rolling a single dice. You know the theoretical probability of a million rolls of any number coming up, but for ten rolls the odds will be skewed.
On a large cap stocks just stick to EW on the monthly chart. I've gone down to weekly level here because it's a spec for above reasons. But don't get caught up in trying to identify every sub sub wave on any stock. Just the big picture only with EW..
Similarly with wave C projections. It's the longest of the down waves and technically you can target 61.8% to 161.8% extension of the Wave A length. But forget about that here. It's not helpful to assume it's going to 0 .007. It might, but that's not useful at this point to worry about the final wash out.
It's a spec. The most important thing is to understand the basic form of the Elliott Wave and what it's telling you rather than being too pure on % retracement and extension targets.
Good luck with it, but go analyse some real stocks if you're still developing your skills. MQG is one you should analyse for EW practice as technically its a very textbook type stock.
Regards
NOR Price at posting:
8.3¢ Sentiment: Sell Disclosure: Not Held
(20min delay)