WAVES over the past several days have been pumping, with yesterday's momentum seeing close to 60% netted before a reversal. Does this look like a dump is incoming or continued bullish momentum following a cooling off period?
What do the charts show us?
Bullish
On the daily higher time frame, it appears that over the next several days the 15,55&90 MA will be crossing-over this can lead to the $3.39 resistance being re-tested. Accumulation has fallen, however this can be a cooling off period. Waves has been rejected from dumping at the 0.618 line, this can be seen as to fill the gaps at $2.025 before a further pump just as what occurred on the 3rd of December. MACD illustrates continued momentum, with bearish volume not being enough to see a down-trend incoming. Twice the 0.618 fibonacci at $1.88 has been re-tested, with each time failing to see a dump. RSI Stochastic on the lower time frames appear that $2.38 will be retested today at the least. Bearish
A third re-test of the 0.618 fibonacci before a fall below $1.88 would see it go to fill the gaps to the 0.382 to be filled. This is been based on positive momentum and heavy buy-side volume to be unlikely. Nouvive Says: WAVES looks likely to re-test the resistance and local high of $2.386, based on higher time frames positive momentum, it appears that there is a chance that it will break the 200MA and go to the previous high of $3.39 before falling from there. A break below $1.70 would indicate that the pump is over.
Comment
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It hit. I am happy. For more calls - see Nouvive.com