Working on the handle or RS... either way the first step is to break 2.18 and take out 2.20-2.40 resistance band. It came down in a hurry and will move in the same fashion to complete the above patterns. Once we get tot eh 2.7 area is when it can be the moment of truth...
It has been challenging to the Elliot Wave count for this upward thrust since Aug-19th would be an understatement. But, I'm going take a shot at the wave count.
We still don't know if this is a Wave-4 correction of the prior downtrend or a beginning of a new longer term uptrend (Wave-1), but what is important is where does the price go from here...
Wave-i = 0.99-2.02
Wave-ii = 2.02-1.28 (Approx. 61.8% retracement)
Wave-iii=If we presume is extended, then will have these sub-waves
Wave-1 of Wave-iii = $1.46
1.28-2.74 (Five wave move)
Wave-2 of Wave-iii = $0.74 so far
2.74-2.00 (50% retracement so far), other potential targets are (61.8%=1.84)
Wave-3 of Wave-iii (Most powerful move) = How do we know it started? It prob. will start with a gap up and never look back...(assuming $2 was the Wave-2 low)
Minimum PT 1.618 * Wave-1 PT1 = 2 + 1.46*1.618 = $4.36
Alternate PT 2.618 * Wave-1 PT1 = 2 + 1.46*2.618 = $5.82
Wave-4 retracement (Assume range of 23.6%-38.2%, but could be less)
Minimum Wave-3 PT = $3.46-$3.8
Alternate Wave-3 PT = $4.36-$4.92
Wave-5 is generally equal to 0.618 * Wave-3
Minimum Wave-3 PT = $4.92-$5.26
Alternate Wave-3 PT = $6.72-$7.28
Wave-iv: Will project as we get more clarity
Wave-v: Will project as we get more clarity
Well... we will see how the price acts tomorrow. The 2 possible options are...
1) Gap up and never look back, break of 2.35-2.4 would be first sign to jump in. A break of 2.73 in an impulsive manner will confirm the count and Wave-iii has started.
2) Open around today's close or gap lower to $2 level or down up to $1.84 and reverse strongly and follow as above...