AVACTA Update - Don't sell too early
This is a friendly note, just to say, don't sell too early. I don't want you sitting at the dinner table at christmas, with a frown on your face.
Purely from what this chart is saying; forget about all the positive fundamentals going on in the background.
(1) We had an impulse move from the lows down @ ~40p, up back inside the previous range and on to 130p. From which we have seen a healthy correction, and the lows of the previous range held well. Drawing a fibonacci retracement of that move we can see that 0.5 held well (will post image below).
Following this correction we have seen price now break out from previous diagonal resistance.
(2) And now we have the price action and the lagging strand nicely clear of one another and the cloud, across multiple time frames; a bullish scenario. This can be especially said for the last time it broke out on the 4 hour chart. (This is pointed out on the chart).
Now i dont think this break out, combined with the fact that we are above the cloud will be any different from the last break and impulse move.
(3) Now I'm no Elliott wave theory specialist, but having a rudimentary count, means that we are for wave through of the overall 5 wave move, which has a tendency to be the longer extended wave move.
Drawing a fibonacci expansion from the first move, the overhead targets for this 3rd wave are (0.618) ~ 159 ; (1.00) ~ 197 ; (1.6) ~ 260. Don't forget that these 3 waves tend to be constructed of a 5 wave move themselves.
Notice how these numbers line up quite nicely with some historical price action.
Please don't take this as financial advice. These are my own ideas, and putting them here for illustrative purposes.
I wish you all the best as always in your journey.
Purely from what this chart is saying; forget about all the positive fundamentals going on in the background.
(1) We had an impulse move from the lows down @ ~40p, up back inside the previous range and on to 130p. From which we have seen a healthy correction, and the lows of the previous range held well. Drawing a fibonacci retracement of that move we can see that 0.5 held well (will post image below).
Following this correction we have seen price now break out from previous diagonal resistance.
(2) And now we have the price action and the lagging strand nicely clear of one another and the cloud, across multiple time frames; a bullish scenario. This can be especially said for the last time it broke out on the 4 hour chart. (This is pointed out on the chart).
Now i dont think this break out, combined with the fact that we are above the cloud will be any different from the last break and impulse move.
(3) Now I'm no Elliott wave theory specialist, but having a rudimentary count, means that we are for wave through of the overall 5 wave move, which has a tendency to be the longer extended wave move.
Drawing a fibonacci expansion from the first move, the overhead targets for this 3rd wave are (0.618) ~ 159 ; (1.00) ~ 197 ; (1.6) ~ 260. Don't forget that these 3 waves tend to be constructed of a 5 wave move themselves.
Notice how these numbers line up quite nicely with some historical price action.
Please don't take this as financial advice. These are my own ideas, and putting them here for illustrative purposes.
I wish you all the best as always in your journey.
Comment:
Comment:
chart might be a little cleaner without the ichimoku