CLOV now looks likely to be in accumulation.
Recent impulsive downward thrust was a fakeout and price has bounced well back into the horizontal channel. The easy return to channel is a very bullish indication I think considering how much time it has spent here already.
Price has spent a lot of time in this channel and continues to return to it - this is probably a sign of accumulation. The $2 price band has contained price most of the time for several months.
From the potential accumulation Spring, price has retraced and sits on the 50Dma and VPVR POC. If it can show some small impulsive movement to SOS then it will look very interesting.
I might just buy a few here.
Not advice
Recent impulsive downward thrust was a fakeout and price has bounced well back into the horizontal channel. The easy return to channel is a very bullish indication I think considering how much time it has spent here already.
Price has spent a lot of time in this channel and continues to return to it - this is probably a sign of accumulation. The $2 price band has contained price most of the time for several months.
From the potential accumulation Spring, price has retraced and sits on the 50Dma and VPVR POC. If it can show some small impulsive movement to SOS then it will look very interesting.
I might just buy a few here.
Not advice
Comment:
CLOV today wicked through and bounced from the long term 0.618 from ATH which is also a 1:1 fib from local top.
It is particularly responsive to the 30min20ma and has gently rejected from it again today.
If it doesn't break through the 30min20ma and fails to stay above $8.4 then I think this move will be a 1:1.618 C wave extension to take price down to $7.5 area. AT which point it will be a reall great buy I think.
This could also be the bottom here if price does break through. It looks slightly bearish right here though. We'll see over the next few days.
It is particularly responsive to the 30min20ma and has gently rejected from it again today.
If it doesn't break through the 30min20ma and fails to stay above $8.4 then I think this move will be a 1:1.618 C wave extension to take price down to $7.5 area. AT which point it will be a reall great buy I think.
This could also be the bottom here if price does break through. It looks slightly bearish right here though. We'll see over the next few days.
Comment:
Looks like its back to $7.5. I wont touch this again until price consolidates above the 1hr20ma.
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The impulse back down potentially looks stronger than the upside breakout. The gap looks to be in acceleration.
This could be a "loop de loop" fakeout as we have soone before:
First price impusles out the channel, has a fakeout rejection from 200Dma, plunges below the channel, then has an ENORMOUS rally.
I'm not saying it will happen, but its on track so far.
The purpose I would imagine is to complaetely wipe out over leveraged traders to eject them from the rocket ship terminal.
Whatever happens, this return to the channel is further entrapment building what Wyckoff would call "cause." Pressure is building. I think an explosive rally is coming at some point. The longer this channel remains, the more explosive it will be.