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thanks, @peter2
good news that youre making the call there, defining a very close risk (hourly basis)
a tradeable bottom for mine, maybe not a completion of the correction,
price has traversed enough time and length for
indicia to proffer a false positive for trend (maybe) yet makes for decent tradeable long (definitely!)
the last "b" up is 127.2% of the first "b" up
merely a consideration that might define how much to risk rather than adjusting your trade profile
- as in - an investment low or a tradeable low
there are multiple ways to look at this chart, that's what makes your call
ideal right now as it pulls in the risk, as tight
as possible, hourly basis at least
below are three charts, one with my original work-up several posts ago and the other a simple mega phone idea
these are very quick to annotate and are easily dismissable when prices prints to dismiss them, third an
"alternate count" to some extent, they all have workable qualifiers
in the first chart we have simple megaphone with a running flat, we know running flats are favourable to current direction (down)
we know running flats precede swift moves in the new(er) large(r) direction we can say the running flat completed at 8.12
which would offer us 1 down > 2 up > i down
the simple 9 period rsi has given several divergence signals and current swing low has a clear double divergence (30 min basis)
these properties, of this perspective, all fit a tradeable low, the nearterm risk level thus defines whether there is more
than a tradeable low, than all other considerations combined
the second chart is my original working chart extended to friday
Chart Image
we have two standard channels, they fit neatly
we had price exit a major bull channel, we have an active equality channel sideways (log)
we have equality in the swings so far
the bullish case suggests we bounced off the channel floor and have an investable low printed, for mine the big blue squares
denote a simple abc, let's inspect it a little more
if you look at the price action after we hit A (squared) you'll see that most players went long on the basis that we had completed
a simple abc down to that squared A, this is a normal tradeable reaction with investors piling and day traders taking the decent swings, good volume, price gapped up, but, at that high where the blue channel roof draws equality channel,
we had only made a convoluted abc, we had no defineable channel at this point
that's where price retraced the updswing back thru 6.65, it double tapped the gap-up and then failed,
it became clear that was not the new investment level to chase (upto that point there was no channel so that
blue-squared B high printed the channel)
keep in mind that at that point we now have all the money, that wants the stock, to be in,
the volume dictates that more volume of buying = more volume of selling,
we simply do not know if more retail accounts were buying versus less accounts, yet larger-sized accounts, were selling.
if youre satisfied more pros bought the closes than sold the closes, ok, we may have decent swing - investable - low
a lot of volume bought into fridays close, thats very bullish signal within the confines of the channel
this is important to understand, we have a set-up, we have several set-ups, no confirmations, what is the confirmation?
what would be the level that would convince we have a new upleg in a much larger trend printing?
a break of the current blue channel would convince,
breaking either way would bring conviction,
again this is the reason that @peter2 call is a good one right in this zone 588-615's (note similar gap-up to Aug 24th)
the risk is close at hand and does not offer any wiggle room, if the base of the channel goes, she goes, she just goes
the 5.64 low is a significant level for both sides of liquidity
other points:
price has not reached a standard bull market 23.6% retrace of the Jun 16th 2020 from 0.85 to altime high
(not that there is any requirement)
in its larger trend favour price has just exceeded the symmetry of the Apr 20 high to june 16th low (2020)
we can call that close enough for government work but not exact
also the symmetry within the downchannel is very close (blue-boxed C = A at 103% versus usual 1:1 ratio)
based on price hitting the low within the channel, lot of buy volume, impulsive rip north,
blue-boxed C = A symmetric swing, the whole pullback almost symmetric 1:1 ratio with the April/June 2020 pullback
those are very solid technical reasons to call a buy above 5.64's with that price as the gmtfo level
5.64 no wiggle room below there, if price fails to now make a clean series of higher highs
ok, so great, lots of set-ups for a ride north ...how about a sell set-up, unconfirmed ?
the only technical warning sign for mine is the 127.2 inverted ratio is pinpoint exact, a sell set-up construct,
as it should be, whereas, the other two major symmetries are there-abouts .....which leads us back to 5.64 as a critical level from
both trade and investment perspective, the sentiment for this stock is ....fairly bullish
if i had to take a position long i would want mitigation, maybe a cheap put option to mitigate the sell set-up, that's all, simple!
sell set-up : https://www.tradingview.com/x/rpWYQkud/
ignore the wolfe wave doodling
?
......and then again with a lower low on thursday 
