chart, page-3

re: chart study madmacs Evening madmacs,

The magic number is $1.15 ... it was broken on Tuesday, and prima facie ... a break of 61.8% is never a good sign.

I have included the lower-down fib pattern on the chart below.

You can see VSL found support at the 38.2% level which often happens when the upper major pattern 61.8% level breaks... the support here is encouraging (seems to be a word often used lately on VSL) although a move below 1.05 creates more problems if long (see lower support levels)

My criteria to be met before entering long here would be, at a minimum:

1. A close above $1.15 (61.8%) (preferably on good volume)
2. A signficant RSI/MACD convergence
3. A close above the 10 day MA, and preferably the 20-day MA

I want to see how the price reacts to the 10 day MA before even getting interested.

I think you are correct with the Elliot Wave count too mate, so it should look up from here.

Volume today was small. My best guess is it will range between 1.05-1.15 for a little while and then run to 1.24 in the first instance. As I said, below 1.05 is bad news.

The market has some bad signs atm; a whole bag of charts are looking like waves that have just broken, or about to spill over, there are major tops everywhere WAN ILU GTP ASX SFE JBM (maybe) many others. Reckon you'll be in much higher demand here fairly soon John, lol

Cheers