Hello Traders,
here is BOD Australia Limited, a Pot stock.
The stocks priced as of yesterday's closing @ AUD0.48 a share.
To observe at the chart is my idea of the move to the low @AUD 0..225 and the move up since.
I have counted the 0.72 level as a wave (A) or (1) and the decline to 0.225 as a wave (B) or a (2) that subdivided into an “A”-”B”-”C”-flat pattern with an EDT in the wave “C”position.
This move retraces a 0.786 Fibonacci of the decline from 0.72 and it fits well with a wave “2” correction. A wave “B” of a flat retraces normally a 100 %-123,6%-138.2% of the wave “A” or a 0.618 in a ZigZag.
The advance from 0.225 is clear a five up (to my view) and finished at 0.72 a wave 1-2; “1”-”2”-”3” and a wave “4” correction is underway or it was done @ 0.42 AUD.
View the chart from a technical perspective, the Donchian channel was touched at it`s a lower boundary at the low at 0.42 and bounced since in a quick move to the upper and drop back below the centerline.
MACD; STOCH and RSI are still moving lower and the stock is declining in a trend channel, which could be counted as an a-b-c.
If the overall count is correct and will work out, the level to accept is at 0.225! A decline below will eliminate the bullish count and tell us, that something else is underway.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
here is BOD Australia Limited, a Pot stock.
The stocks priced as of yesterday's closing @ AUD0.48 a share.
To observe at the chart is my idea of the move to the low @AUD 0..225 and the move up since.
I have counted the 0.72 level as a wave (A) or (1) and the decline to 0.225 as a wave (B) or a (2) that subdivided into an “A”-”B”-”C”-flat pattern with an EDT in the wave “C”position.
This move retraces a 0.786 Fibonacci of the decline from 0.72 and it fits well with a wave “2” correction. A wave “B” of a flat retraces normally a 100 %-123,6%-138.2% of the wave “A” or a 0.618 in a ZigZag.
The advance from 0.225 is clear a five up (to my view) and finished at 0.72 a wave 1-2; “1”-”2”-”3” and a wave “4” correction is underway or it was done @ 0.42 AUD.
View the chart from a technical perspective, the Donchian channel was touched at it`s a lower boundary at the low at 0.42 and bounced since in a quick move to the upper and drop back below the centerline.
MACD; STOCH and RSI are still moving lower and the stock is declining in a trend channel, which could be counted as an a-b-c.
If the overall count is correct and will work out, the level to accept is at 0.225! A decline below will eliminate the bullish count and tell us, that something else is underway.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!