Hey
@Tremendo01 sorry for the late reply! I didn't see any tags or notifications sadly. But I am sure you did well on this stock!
MME it sure has been a while since I have posted on it so an update would be nice.
Has done incredibly well from my picks at
7c so well done to all holders who probably traded this far better than I did
Share price from 7c lows to it's 23.5c highs appears to have completed it's 5 wave move up.
Since then, we have seen the price retrace
-57.7% off it's highs without too much drastic change of the company fundamentals IMO.
This retrace could be compared to an Elliot Wave's ABC Correction.
I am NO expert, I am not even an amateur or budding Elliot Wave enthusiast. I just use it as a basic level of identifying basic wave movements of impulsive and corrective so this will need to be verified by others with more experience.
From a traders' risk reward perspective, I see good reward potential provided 10c continues to act as a support zone. Do note this trade idea would be considered a counter trend trade (as it is still retracing from highs) but from the 7c lows, this is a trend trade to the long side.
Attached is the Weekly chart below with some annotations to highlight ideas. Also do note that there's a cheeky grub with a 6M share size at 0.001 which makes the depth look far juicier with "demand". Don't know what it means or what they are trying, just an observational note. Hope that makes sense! Feel free to tag me in future comments and I will do my best to not leave it nearly 1 year late! Take care and GLTAHz!
SENTIMENT appropiately changed to a
BUY with tight stop
DISCLOSURE: NOT HELD but would like another swing trade on it!
P.S this bullish thesis is completely invalidated as a trade idea FOR ME if they lose 10c support as that isn't price action I am wanting to see and would indicate of more downside. "IF A happens, B is likely" probabilistic thinking.
