I'll agree with that one Mach. The .035 is from a
Post# of 5570
I'll agree with that one Mach. The .035 is from a simple measured move from the .0041 previous low's correction to the high of .02. Using the same percentage would take the next leg from the current low of .0062, from this pullback, to approx .031/.035. But if you look back at a longer term view, say an 18 month daily below, you'll see very little consolidation during the decline back in the mid .03s. So I would expect that we won't spend a lot of time there if at all. Obviously a move to the mid .03s would get a few 100% profit takers that may have entered in the .016-.02s the last leg up. The stronger resistance will be met at the .056 to .0885 imo.
Here's a view of the .0885 high and the .056 level. As you can see, other than a measured move to the approx mid .031/.035, there isn't much resistance offered at that level. Either way, I'll take a short rest a .035 if it happens along the way to new highs in a couple of months.