7/13 - CGC is now more likely in a W(IV) double three that is going to end in a 3-3-5 extended flat correction.
On the 3rd leg impulse wave down within the 3-3-5 flat correction, we are looking at a 3rd Wave extension.
Scenario: 3rd Wave Extension: W3 is longest and can be any length. W1 and W5 are equal length (1.00)
Status: IN PLAY
- Overall it appears ACRGF started it's life in a Triple three: Zig Zag, Triangle, Zig Zag pattern and currently in it's last leg for completion.
- Next level of support at 15.84, then 11.99
- ACRGF may buck the current downtrend if it is able to break through upper trendline
- what could have been the beginning of the 3rd wave starting in mid April failed to materialize as price action headed into a descending triangle. Therefore I had to re-position the count of Wave 1 to April 30
- With the re-positioned count, we are currently in Wave 2 nearing the end of another descending triangle. If this holds true, we expect price to move...
- Signs entering correction Wave IV
- Wave II retraced .382 of Wave I, Wave IV may retrace .618 of Wave III sharply in accordance to alternation guideline
- Bearish plays would be a counter trend trade against an overall very bullish stock, so manage risk accordingly.
- Short term bearish, long term bullish
- Several counts indicate an upcoming bullish wave (V)/b
- Recent price action holding above 2.20, for a 61.8 golden pocket reversal in wave (IV)/a
- Confirmation - Price break above previous high of $2.89 to confirm an uptrend.
- Invalidation - Price breaks below 1.23 into Wave I territory
- RSI shows recent gathering of bullish momentum trying to break above 40
Price closed right at $31.69 Fibonacci support area today on Jan 25 2018.
Potential support bounce up entry tomorrow on two supports: Fibonacci as well as 30 DMA.
If price breaks below support, next support $27.91.
Strong up trend with a pennant pattern forming recently.