So the previously noted resistance area did not hold, following the release of an "expected news" type RNS. This means we're looking now at the support area that was previously found by the 4th (corrective) subwave. Supporting the cause for positive price action above this point shortly is another small (bullish) falling wedge pattern.
However if the level of...
First thing this morning was a back-test of a key support area. Should hold. Needs to hold.
The 30-minute Stoch is really looking primed now for a sharp move up. But other indicators should be used to confirm this before entering a trade (if not already in).
Volume still healthy.
On the 30 minute chart this is looking primed to surge upwards again after breaking out of its consolidation (falling wedge) pattern. RSI is holding a positive trend, and MACD should cross '0' shortly. Expect big things over the coming day or two.
As expected, the retrace came almost right down to the 78.6% point - in fact it actually obeyed the previous first wave horizontal resistance (now support), staying within the rules of Elliott Wave engagement by not crossing waves 1 and 4 over.
The retrace channel resistance broke on the last candle shown and indicators are all positive, so looking like the final...
Just an update from my earlier attempt which keeps the Fib retracement levels (iv) defined by a single Elliott wave (iii).
This brings a 78.6% retrace back as a possibility (common on AIM), in which case the main target has now been reduced. But any break of the flag/channel upwards could revise this target if it happens sooner.
This 30 minute chart shows a clear bull retrace flag which is forming following the initial breakout from lows seen recently.
What I have shown is an assumed Elliott pattern which to hold true needs to go no further in its retracement than the 61.8% point, or it will risk W(iv) overstepping W(i) - invalidating this setup.
As soon as the upper parallel flag...