1200% to 30 cents in 2024 for this small cap?On the above 10 day chart a 50% correction on price action has recently printed. For the last 3 years price action has been in a downtrend with a total correction of 95% as identified by the blue arrows. A number of reasons now exist to consider a long position, they include:
1) Price action resistance break out and trend reversal. The recent correction was in fact the first higher high since August 2020 on this time frame.
2) Support and resistance. Look left. Notice price action has now confirmed past resistance as support.
3) Hidden bull bullish divergence. The confirmation of support on past recent has resulted in a new higher low. This higher low prints at the same time a lower low in Stochastic RSI prints. This is hidden bullish divergence.
4) The bull flag. The flag forecasts a 2000% impulsive move from the breakout to 30 cents.
5) The orange arrow. Does anyone know what this pattern represents? I’ve talked about it before on other ideas. If you know, you know as I do what is about to happen.
Is it possible price action corrects further? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=2%
Timeframe for long: You decide
Return: 1200%
Ww