retracement

From 5.5 sp was up to 8.4 without a real good news. The only "good news" is broker/big players got cheap shares from new issue, control market, pump & dump for good profits. That is why sp slowly moved up too many days until chart show overbought on 17 June. It hit treble top at 8.4 and start to retrace. All lines (CMO. RMI,MACD,RSI, etc are falling). This retracement maybe deeper because of some facts as follows:

1. Puntland drilling may/may not happen at all because of pirate trouble and dead line of Jan is very close . That is why AOI needs $$ from other to avoid huge risk as they maybe unable to drill by the dead line. If they cant drill on time, RRS will get trouble with its permit renewal and AOI will lose its right too . Puntland Gov can take back their land if no drilling by Jan.

2. Georgia needs lots of $$ to fund for it and who will put big $$ in? How many hundred mil shares will be issued?

3. Two big hope projects (Puntland & Georgia) are facing great difficulty and uncertainty that forces PL to look for a smaller (Texas) to survive.

4. With nearly bil shares and more to be issued. It may need another consolidation soon! And new consolidation will kill sp badly too.

Although I do hope RRS have good chance with Puntland, but look at real situation, I think that good chance is too small comparing with huge risk.

IMO, unless big guy pump again or there is better news, sp may drop back to 6c or lower.

Test fib retracement
High: 8.4 Low: 5.5

Retracement
23.6% = 7.7 done
38.2% = 7.3 done
50.0% = 6.9
61.8% = 6.6
78.6% = 6.1
100.0% = 5.5.

This is my guess with TA only, can be wrong. Good luck