Gaps are usually filled - today a gap from 9/July has now been filled ( 0.485)
0.48c was strong resistance on the way up and should be strong support now
0.48c is also the 50% retracement from the low of 0.22c to the high at 0.90c
Weekly chart remains above moving averages ( 0.47c is the 12dma on weekly also support)
This should be a two week decline from 0.90 to 0.46 ( -48.6% retracement!!!) why selling some on route always a good idea!! ( Wave 4 retrace)
previous decline from ( 0.46 to 0.31 a 31% retracement) is of similar serverity ( assuming this was a Wave 2)
This appears to be a Wave 4 retrace ( wave 3 went from 0.31 to 0.90) so we r retraceing this movement higher - the retrace should now be over around this 0.48c level
Good luck to all those holding - I am glad I sold a bit higher as per my trading strategy of taking a bit off the table!
TON Price at posting:
48.5¢ Sentiment: Buy Disclosure: Held
