$PSPC

$PSPC is a very unpopular stock since its IPO day...

It crashed from 3.40 down to 1.27 after less than a year of being traded in the PSE...

Looking at $PSPC's chart for the past few days, I find it difficult to interpret its price pattern...

After having an elementary knowledge about EWP, I just want to experiment if this chart would work...

Profit or loss will be my feedback whether I got it right or not...

By the way, $PSPC's chart has the following features:

• Extended 3rd wave...

• Truncated 5th wave...

• And today, it closed with a hammer, which is about to break that downtrend line...

Result of My Experiment

I was too excited with my experiment...

My entry was correct...

I was the first buyer...

I bid at 1.43...

My bid hit 1.42...

And then the price went up to 1.55...

I did not exit...

I believed that it was a trend reversal...

I was careless...

As I checked my chart and instead of a trendline, I drew a parallel channel...

I observed that the price bar has not yet broken out of the downtrend line...

And besides one requirement to qualify a truncated 5th wave is the existence of 5 subwaves...

My counting was wrong...

I was in a hurry to mark the low of Wave 5...

I think there will one final pullback to establish the 5th wave's low...

That's the time to re-enter...

For now, I must go out even with just a minimal gain...