Please overlook the mess and focus on the purple and where the purple lines bounce off. Just updating my TA. We are witnessing a bullish three drives pattern {SHORT TERM} and a falling wedge {Long term}. This is deeper than i had thoght but, the bullish three drives pattern wasn't so obvious. I still stand firmly by my bearish short term play to sub $0.20.
Here is why I say it is a Bullish Three Drives Pattern:
Wave 1: First wave is a normal bearish wave.
Wave 2: Followed by first correction wave C1 (doesn’t exceed wave 1).
Wave 3: There is another bearish wave that extends beyond the first bearish wave low, and extends beyond the low of wave 1, of C1.
Wave 4: There is a second corrective wave C2. (does not exceed 2nd bearish wave).
Wave 5 (The start of the wave we're going to face): The most important wave is the third bearish wave, which extends beyond the second bearish wave low. Expect a bounce around $0.20.
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Goodluck!
Here is why I say it is a Bullish Three Drives Pattern:
Wave 1: First wave is a normal bearish wave.
Wave 2: Followed by first correction wave C1 (doesn’t exceed wave 1).
Wave 3: There is another bearish wave that extends beyond the first bearish wave low, and extends beyond the low of wave 1, of C1.
Wave 4: There is a second corrective wave C2. (does not exceed 2nd bearish wave).
Wave 5 (The start of the wave we're going to face): The most important wave is the third bearish wave, which extends beyond the second bearish wave low. Expect a bounce around $0.20.
If you like this idea, drop a thumbs up or a follow, or both :)
Goodluck!
