We need to complete the inverted H&S by finishing the current corrective pattern then push for a wave 3. With the amount of cash they have, the market should discount future acquisition revenue.
Short-term, I'd exit at 9$ when we complete the H&S. If we push higher after this, target for wave 5 would be minimum $19
Risky play, careful with this one.
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Just want to clarify my english there
> High risk reward at this point IMO I mean that the risk reward ratio is interesting at this level
A comment on the SL: It may be too high, a real invalidation would be ~5.60 - that's where I'll put mine.
Trade safe
Trade active
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The second assumption on the chart "possibility that we are still on wave 4" was correct - indeed we did made a lower low. Turns out management has been very disappointing on this one. Not able buy a single company. I will be waiting for their next report to see - It's unfortunate to see that the market has lost all trust in the management but understandable given it's been a year and no acquisition! I will stay in the trade, as I still expect that it will take a single company to be bought to wake this chart up and bring a gigantic move to the upside.
do you think bottom is in when hit .786 fib yesterday. i hope we get another chance to break 9.33
PowerHat
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@jackr70, We broke out of the falling wedge on the upside in 1H/4H log chart with increasing volume. If volumes keeps coming in on Monday and we don't fall back into it I'll be optimistic