Back Up Action Near Completion for KNM & Mark Up Phase to Begin?

• KNM appears to complete the re-accumulation process.
  
• The sign of strength (SOS) rally initiated on 9 Oct was followed by a back up action.
  
• The back up action seems near completion as it has the character of supply absorption after two weak reactions.
  
• The next target based on Point & Figure projection - 0.54-0.585
  
• A fall below 0.43 would violate the the scenario and require a re-assessment.
  
• Let's see if the markup phase will kick start soon.
  

Comment:

Up thrust instead of breakout today and draw out higher supply, short term bearish. More time is needed to absorb the supply.

Trade closed: stop reached:

Stop loss below 0.43 was triggered today. Exit for risk and money management.