OK, here's some technical analysis for all it's worth (I'm not a...

OK, here's some technical analysis for all it's worth (I'm not a fan of technical analysis because its explanation power is only 50% i.e. fails test of significance and it assumes no announcements). According to a good mate of mine who is a day trader, a share price that has worked up b/w 50-75% in less than 10 working days (including intraday highs) subsequently corrects 28% on the downside in the ensuing 7 working days (in 75% of cases). MAE reached an intraday peak of $1.41 just over a week ago. A 28% correction implies a low (end or intraday) of $1.02. So, by this reckoning we may have seen the low in this cycle. As I say, I'm not a fan of technical analysis given its limited explanation powers.