On the daily chart:
xone began its correction from the double top formation: 7/9 and 8/13 of the two loosely defined tops. It attempted to break this formation on 8/29 to form the third top, and failed. The three tops, the ensuing breakdown can also be viewed as a ascending triangle breakdown, which induced the serious correction from 80s to high 30s, stopping very close to the 62% Fibonacci level.
On the weekly chart:
No classical bearish pattern has ever formed. However, the correction volume is a little too high.
It has completed the initial wave (1,1, up), corrective wave (1,2, down), correction of the corrective wave (1,2,2, up). Note that (1,2, down)=(1,2,1, down).
Key question: Is it on the primary 3rd wave (1, 3, up) or on the corrective third wave (1,2,3, down)?
Educated guess: It is on (1, 3, up) ! Not on (1,2,3, down).
Reason of guess:
(1) If (1,2,3, down) holds, (1,1, up) would be invalidated. Fundamentals do not support this.
(2) The waiting period for (1,2,3, down) to occurs has been too long, likely passed.
(3) Fibonacci retrace level is consistent with (1,2, down) bottom.
(4) Recent contracting volume
(5) Cup with handle has formed with very light volume on the handle part.
(6) peer performance: ddd, ssys, vjet etc...
If you do not understand what I am saying, it would mean that you do not understand the basics of technical analysis. It also means that you are not very intelligent.
From the weekly chart, to the recent daily chart, to hourly chart, to today's intraday 5 minutes chart, they all resembles to each other. The large scale pattern dictates the small. Please study my previous post and read the charts carefully. It takes time and dedication to read these charts, but you must spend time understand stuff.
We definitely see 70s in the near future. Congratulations those who through the scares. It has been tough to hold, but that is exactly why big winners are rare.
I see the same. Interesting that the market ignored fundamental...VJET at $53 then ZONE should be at at least $180.. Be patient and XONE will hit new high.
Ascending triangle breakout today.
I just looked at daily 62.70 and 62.64 is the daily closing price on the 2 days after the secondary the high is 64.70 or close is that where we head before earnings? It's all about before earnings
As I observed in (5), it is now called cup-handle breakout. I also observed some rotation of money from the bigger players DDD and SSYS to the smaller ones such as xone. VJET is another.
Today I sold DDD at $70.05. It is a little overbought. I will try to get back to it later.