#AST #AscentResources - Upswing on the 15 min, but then what?
As this has been fast-paced since yesterday's surprise RNS, the 15 minute chart seems best to get a handle on what's going on.
The 50% gain began to retrace, as you'd expect, and found a previously long-standing diagonal resistance to use as a support bounce. Because it formed a bullish falling wedge it should go up again initially, but then decision time - have we just had a full W2 correction, or only part "A" of the W2 subwave? It should quickly become apparent depending on which path I've shown here is followed. Won't be long until we find out.
If you're a trader I'd say hold off until we know if the "B" and "C" sub-wave correction pattern is yet to happen.
If you're a holder I'd say continue to hold as either way the share price should eventually extend up above yesterday's highs, given the fact that no matter what, Wave 3 (the largest impulse wave) is still yet to occur.
The 50% gain began to retrace, as you'd expect, and found a previously long-standing diagonal resistance to use as a support bounce. Because it formed a bullish falling wedge it should go up again initially, but then decision time - have we just had a full W2 correction, or only part "A" of the W2 subwave? It should quickly become apparent depending on which path I've shown here is followed. Won't be long until we find out.
If you're a trader I'd say hold off until we know if the "B" and "C" sub-wave correction pattern is yet to happen.
If you're a holder I'd say continue to hold as either way the share price should eventually extend up above yesterday's highs, given the fact that no matter what, Wave 3 (the largest impulse wave) is still yet to occur.
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