Due to the fact the GMX share price rose from $.48 so stongly and quickly a fibonacci retracement was to be expected and the most probable fibonacci retracement level was the 61.8% retracement that we saw occur this morning.
Calulation of Fibonacci Retracement:
High Price of Uptrend - $.84
Less Beginning Price -
Total Gain $.36
61.8% Retracement of Total Gain - ($.36 x 61.8%) = $.22
High Price of Uptrend - $ .84
Less 61.8% Retracement -
Projected Retracement Level - $.618
Actual Retracement Level - $.603
As I post it yesterday 0.80-0.90 is huge resistance area. There was no buyers for my shares every time I enter order it was lower down. I SPECULATE another try to brake that resistance hopefully with nice volume. Big MM's want this at there price it could be 7,8,9,10.... after R/S it's there rules. This is spec stock it moves ether way very fast. Today drop came with 200k not much powder needed to get stop loses out of the way. JMO :)
The fibonacci retracement is part of the price consolidation process. The share price should now move back to the level prior to the retracement fairly quickly and then continue rising to higher levels.