Programmed PRG breakout Impulse move during Gap LONGIt seems Programmed 'PRG:ASX', finally a breakout of a Corrective ABCDE Triangle on the Daily (Minor Period), has resulted in an Impulse move LONG to form the first Impulse Wave1 on the Minor Period. Based on Support created during 2015, I'm looking for a Wave2 correction/retracement down to the 0.832 or 0.50 Fibonacci level before the Wave3 Impulse run. However due to the fact, the first wave is a gap, and there is no reference charting, the move LONG could continue as a wave1 before a retracement.
Price action has not yet dropped below the Ketchup EMA, however, chances are the next candle or few, should drop the price action below the Ketchup. Once Price action crosses the Water EMA, I will consider that confirmation of Wave1 and Wave2 (Minor Period) in progress. All other EMAs are pointing upwards with the RSI inside the 'TDI' bands, at the bottom extreme, pointing downwards, which suggests continued price action move downwards with the 'RSI' from the '64.000' region, which at its last high of '84.0000' suggests price WAS in the overbought position. That, together with the previous price breakout back in 08 of '2013', and the previous triple Elliot Triangle, produces a BULLISH bias to this stock with great expectations.
I've gone LONG on this at the current price point, even though the right move would be to wait for wave2 to complete and break structure, I've got a lot of confidence in this company to perform to a level which will increase stock value to at least $5.00 range within the next couple of years, thus doubling my investment for this short-term and providing the trend continues should continue to perform a Wave3 Intermediate, once the Minor Wave5 has completed.
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This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
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