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hi all
with a bullish divergence in the macd now in place, that should confirm we have just finished a EW 5 motive wave pattern.
the downtrending resistance line in the macd has been broken also the resistance line on the price chart has been broken.
it is possible we are in a EW 3 corrective wave pattern. A-B-C. this pattern could see the share price advance up to the $3.40 target. this target is the .618% expansion fib of waves a-b-c (yellow)
there are 2 resistance fibs the sp has to break on its advance to $3.40, they are $3.02 and $3.30.
i have also added a time target because i fell lgl often moves in nice fib support and resistance time zones, so the 31/5/2010 should be around the time of a 50% fib resistance time zone.
so my target is $3.40 around the 31/5/2010.
any comments would be great

have a good one.

582.