Tweets, could look at this chart from so many angles.. ..here is what i picked out though;
From its initial peak at 30c formed a descending triangle. Target based on the peak was to be 13c below the base, due to a small pullback this would have been 7c which is actually an area of consolidation..
..what the sp in fact did was form a downtrend which based out to fill the gap that the intial move up had left behind @ 13c
As soon as this gap was filled the sp has bounce from this level. This bounce is characterized by the previous formation of a descending wedge - its not really perfect, but its there.
As far as moves are concerned, i would say next target is 23c
Will have to take a couple more looks to get a good angle on this one, but a very cool technical setup.
