Nice Charting TS....
FWIW.....Someone on the Zelda thread posted the question on confirmation...how to tell its a confirmed chart....here is my reply
Sure and good question Wildcat.Now obviously as it is, Zelda is small cap. And like most small caps TA will only go so far as its at the mercy of large holders and agenda's, however the name of the thread large investor looming possibly by month end....not so sure about that....as it looks like there has been big ones here all along who really know what they are doing.
I have reposted a chart and marked it with numbers I will go through those numbers
View attachment 786123
(1)- After the big fall we got a solid green candle and it formed a sharp bull wedge and broke out from the bull wedge- 1st confirmation
(2) That solid green candle left a gap at 5.8c. Now from June to October in a very weak Medical Cannabis market that gap wasn't able to fill. Some people scour the market all day looking for stocks with kind of strength. Zelda defied the gap and now it can be forgiven- traders will accept this now .
(3) A 3 wave triangle (2nd confirmation) which broke to the upside (gapped up) but found resistance at the purple line
(4) Then we got a deep 3 wave bullish flag (3rd confirmation)
(5) Purple downtrend line confirmed by structure (4) broken (4th confirmation)
(6) Attempted to backtest the breakout, which essentially it did, and formed another nice little consolidation before a breakout with volume (5th confirmation). Now they may try backtest this break as well however I see the probability of far too much support at this stage of the chart. Is interesting we will see
(7) Tight range of 9.5 to 6.5 over 4 months looks like accumulation(8) With each volume spike can see price drop off on lower volumes indicating thin selling pressure and final structure break with volume (6th confirmation)
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These are prime timing charts for traders and fridays volume was no fluke. And there are two types of traders who will be buying. Those who go long, hold and ignore daily price action knowing they are in at the low end of a turning chart (sure they didn't get in on the bottom but nor did they have to tie up capital and wait on an unconfirmed chart).....or scalpers who will buy up to resistance then sell...and wont care where its at in a few months as they took the trade, profit and move onto the next.
Both ways have merit, however if this were a forex setup its a clear long (until the chart says its not)
