Suplus Cash in AMP, page-116

The recent sharp fall from $2.24 to $2.00 produced a useful and very good shape. Bounces following these shapes usually give way to rises that go on up. At some stage in the next few days or inside 2 weeks, there should be a pull back to at least $2.09. And if you take into consideration Fib 0.618, it could be $2.06. The reason for $2.09 is that the price needs to go back and bridge 27 and 28 June where the high and low was $2.09. Often happens.

Looking at the hourly chart, that shape I am talking about is shown more clearly and often we get it continuing up as shown by the smooth line I have drawn. There is another force at work that should bring the price to at least $2.19 (top of the plunge day back on 14 June). And then of course, the theory plays out and the bullish behaviour gets that gap filled on the hourly up to $2.23 as well.

About the falling wedge, I would include the recent $2.24 high on the upper trend line. Yes, there is a bit of a falling wedge to it and yes a falling wedge is bullish, but I wouldn't focus on this falling wedge too much. I would focus more on a double bottom and whether AMP holds $2.00. That is the key.

It was only natural for AMP to bounce from $2.00 (nice whole number that it has never been to before). It defended it and held is well for over an hour on that day, I remember watching it. It just didn't cave into $1.99. It was the day to put the house on it at $2.01.

Like I said, the CEO seems super and seasonally, we are there and the price is way way smashed. The 12 month target on this dog should be good.

I picked up Qty 100,000 of the suckers at the recent low, but trimmed it back to 50,000 today. I will watch it and see what it does.

Good luck to all holders.