BKT - new bullish formation, page-23

I see that my expected  T.A. 'Phase 1' was completed during this week(yesterday's high) ... Based on the initial Up 1.2c range out of the 3c D/T Bottom its projected likely maximum Fib extension level(323.6% @ 8.1c) capped this upthrust perfectly.

If this is the completion of 'Phase 1', and I think it is, then the 'Phase 2' correction has started and should see BKT head somewhere towards 6.2c min or even test the ~ 5c level ... both Fib levels ... B4 good buying is seen for the next upthrust phase. I do note that we have a GAP at 6.3c that also should 'act as a magnet'. All this shown on a Daily Chart.


Looking further out at a Weekly (log)Chart ... I see further evidence that this week's high was a reasonable TL resistance level(large red arrow); just above the 33.3% level of the (thick yellow) range I have shown and with a break of but close still below the LT (white)MA resistance. In addition, the 'nature' of this week's candle(Shooting Star from resistance), on high vol.,  also hints this.  Thus, we will probable see a back-test of the breakout point of the L/T(blue) Downtrend Line that was broken 3 weeks ago, or at least the 66.7% level ... somewhere in the 5.4/5c zone ... Similar to what I pointed out on the Daily, right!

Just an educated T.A. opinion, OK!


My S/T Sentiment is sell but L/T is Hold...