$ALT was moving nice the last four trading sessions. In my chart, I see the end of Wave 1 @ 2.89 and so I was expecting that the next move will be down to establish the low for Wave 2-1. However, I didn't expect that the retracement will be deep. $ALT revisited 2.39 this afternoon. Will this be the final low for Wave 2-1? Or am I mistaken in my interpretation and my counting? If $ALT will revisit 2.35 again and thereby will retrace 100%, I will repeat the whole process again; there will be a recounting. Perhaps for those who have advanced knowledge in Elliott Wave Theory could find an explanation for such anomaly.
Though technical analysts despise stories, I could not help myself but relate $ALT's movement with recent company disclosures. I am referring to the change in par value of $ALT's shares and the Php 400M loan by Mr. Navasero. The market hates uncertainty. It doesn't like these recent news. As a result, $ALT shifted from an uptrend to a downtrend.
Though technical analysts despise stories, I could not help myself but relate $ALT's movement with recent company disclosures. I am referring to the change in par value of $ALT's shares and the Php 400M loan by Mr. Navasero. The market hates uncertainty. It doesn't like these recent news. As a result, $ALT shifted from an uptrend to a downtrend.
No comments:
Post a Comment