as I said before share had been touched the long-term support line around $14.00 which was at fibo 61.8% too. Also it has the horizontal support line (the green) which once was the resistance line of the share but when sp has been passed it up successfully now is acting as the support line.
But sp around $17.00 is facing the horizontal resistance level (peak in 2007) and also the lower (red) line of the channel. if share would manage to pass these resistance levels we could see the sp above $20.00 (the upper red resistance line(upper line of the channel)
For more details:
In long-term (monthly chart), one possible Elliot wave numbering would be like below: Wave (2) corrected almost 61.8% of wave (1)(in A-B-C form). the sp around $14.00 corrected 61.8% of wave(3) there is a good chance that this level be the end of the wave(4), with these assumptions, and one possible prediction for wave(5) is that to be equal to wave(1) which would be result around $28.00 for wave(5)
