This is an addendum to the History Repeating post I made on 1/5 as the last gasp of the dip has shaken out, and the market has confirmed it's following the strong upwards support. I see a similar boom/bust scenario playing out, and am using historical data to gather that this wave will be at least as strong as previous moves, but I have a hunch it'll be stronger as there are known announcements coming out this month.
I believe we'll achieve at least $4.60 over the next 5 days, but depending on the announcement (Western Union & Moneygram), it could be much larger.
I believe we'll achieve at least $4.60 over the next 5 days, but depending on the announcement (Western Union & Moneygram), it could be much larger.
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I'm very pleased at how price action has mirrored the blue line thus far. I free hand drew it based on how price exited other phases in anticipation of how historical recoveries have occurred, we'll see how close the timing is as the larger moves happen.
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Well, the past couple hours have been disappointing. It appears at this point the longstanding trendline is broken unless a significant move upwards occurs. I think it could be fair to say that we're in a confirmed downwards trend at this point.
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Party Zone? Some party. Well, everything looked pretty solid until it didn't. I'll do more analysis, but it looks like we have a bounce coming up around 2.15, I'd be quite surprised if we fall below that. If so, next support I see is 1.96
