Guys i emailed last week saying i will stop email updates for a while as i`m so swapped with work after the holidays i stopped doing day trading for now. Anyhow i got 5 mins as i`m taking lunch break so i will write a small update..
#1 i did say we were on descending triangle and that if we break 8.12 you will have to subtract 10% from 8.12 target that`s puts us around next support at 7.37$ which is a perfect stop.
#2 If this will happen and so far it does look like it will happen that will mean 2nd bottom at 7.37$ AND!!!!!!!!! another Descending Triangle but now on Daily chart
#3 a Break down for Daily Descending Triangle is as fallow:
Wave 1 Down $9.90 to $7.37
Wave 2 Up from $7.37 to $9.05
Wave 3 Down from $9.05 to $7.37 ( would confirm Descending Triangle at this point )
Wave 4 Up $7.37 to $8.41 ( could be 8.21 which is 50 retracement but so far 8.41 looks nice)
Wave 5 Down the LAST one back to 7.37 and if it wont hold and breaks down around 5$ is my next target HOWEVER if we see a big rally up to 9.90 then bulls will take over and we`ll have to add 10% from 9.90 that would put us around high 11$
This is my update i will be very busy all week maybe 2 as i have alot of work however, if i`ll get some time i`ll email the charts
Since there`s a support at 7.60 it doesnt have to drop to 7.37 however anything is possible and 7.37 will be in the cards for this whole month we`ll be re visiting it several times so make it your best friend if you need to learn more about Descending Triangles in Tech Analysis please google as i wont be giving out free lessons