...and patient. The chart really hasn't changed. Mana bounced off of the lower trend line (BLUE). Months ago, I started illustrating MANA's progression through Cup and Handle patterns, one leading into another, acknowledging the function of time as an unknown. Time is on our side, as the patterns play out, the deeper the head, the higher the target. Same concept is illustrated today using micro and macro Inverse Head and Shoulder patterns as projected through resistances and their relationship to the Fib .5.
Although this is the daily chart to show the big picture, zoomed in on the 2hr, MANA is currently completing an Inverse H&S (ORANGE) with a target in the $3.33 range. This will leave MANA in last week's position, needing to close above last week's high of $3.55, hopefully with more strength from the recent drop. This would lead to $3.64 and then the $3.80 area, completing another Inverse H&S (GREEN) with a target around the ATH. From the ATH, MANA would complete the macro Inverse H&S (PURPLE) with a target of around $10. There is no data above the ATH and MANA may see the same parabolic pump, (1/2 around 250% from current price, but 500% higher than the Fib. low @ $1.71). Just as what goes up always comes down, that which comes down, will again go up. The industry is growing (just beginning), not shrinking. These are just my ideas and not financial advice. I do not recommend using this chart as a function of time...I truncated it to fit in the screen. I am not expecting anything below $2. What happens after $10? Depending upon when THAT happens, probably a drop to $4.90 in early October or $5.90 at the end of December...not crazy talk, just when the lower support that now sits around $2 would hit projected Fib. retracements after $10...so who knows?
Link to 2hr time frame:
Although this is the daily chart to show the big picture, zoomed in on the 2hr, MANA is currently completing an Inverse H&S (ORANGE) with a target in the $3.33 range. This will leave MANA in last week's position, needing to close above last week's high of $3.55, hopefully with more strength from the recent drop. This would lead to $3.64 and then the $3.80 area, completing another Inverse H&S (GREEN) with a target around the ATH. From the ATH, MANA would complete the macro Inverse H&S (PURPLE) with a target of around $10. There is no data above the ATH and MANA may see the same parabolic pump, (1/2 around 250% from current price, but 500% higher than the Fib. low @ $1.71). Just as what goes up always comes down, that which comes down, will again go up. The industry is growing (just beginning), not shrinking. These are just my ideas and not financial advice. I do not recommend using this chart as a function of time...I truncated it to fit in the screen. I am not expecting anything below $2. What happens after $10? Depending upon when THAT happens, probably a drop to $4.90 in early October or $5.90 at the end of December...not crazy talk, just when the lower support that now sits around $2 would hit projected Fib. retracements after $10...so who knows?
Link to 2hr time frame: