RE:Wave CSo here's my take on where I think we are so far....
A corrective ABC wave started March 27 after completing an 5 wave impulsive pattern. Wave A of the corrective wave ended April 12th and wave B ended Thursday April 21st. Wave C of the ABC pattern is now in play and since it appears to be a zig zag pattern, wave B usually ends at or slightly below wave A....which happens again to be close to the 0.65 cent gap. Fibonacci wise, the key support levels are as follows 38.2% retracement is 0.69 cents, 50% is 0.61 and at the 61.8% or the golden ratio is 0.52...which again is only slightly above the next following gap at 0.475.
So there are your new price targets....0.69, 0.61, and 0.475
Reasons to be bearish on the daily chart
1. FGD has now broken down below it's 50 day, 30 day, 20 SMA ...very bearish
2. It "may" find support on its 50 day EMA
1. RSI has broken through the 50 line and is heading down, which I said it could easily do.
2. SlowStochastics has come up against major resistance at its 50 line and is also heading down
3. MACD is 1 of 2 silver linings at this point as it has crossed up and over and has turned up.
4. MoneyFlow trending down
5. Trix seems to be flattening...bullish
6. Today's candlestick although a bearish one, was a spinning top, which shows indicision. It did however close lower than its open which again fits into the overall bearishness.
Daily Chart ABC Correction Weekly wise I'll keep it brief as it is only Tue. Last weeks candlestick was a bearish one, MACD has crossed over to the down side and RSI and Stoch are both trending lower as well.