VICR - Could Be A Market Bottom Is another one I have found browsing "Gap Losers" today.
This has long term bullish divergence through the downtrend and through that big bounce; which is significant I think.
The upper wick (red arrow) is a bit smelly but I think this is compression forming and on the 2 week chart this is expressed as Inside Candles.
And the gap above will attract price so it is less likely to be another wave down without filling the gap.
That is unless it is a "breakaway gap" but that seems unlikely with all this long term unresolved bullish RSI divergence.
And so I think this could be a 3 wave correction completing from the highs.
And if it is, then this could be the market low before a another wave up to new highs up and up.
Its gone slightly below the retracement Golden Window taken from the previous market low to ATH, but thats ok to be a little loose I think since it is very long term.
So this is a nice one because if i'm wrong i'll know soon but if i'm right then this is a market bottom.
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Down on the day chart in the potential compressive area, this is a bit wonky but it looks like it can be 3 waves completing and so we may have both a higher degree and lower degree 3 wave correction completing.
Notice that the area it has fallen back to has had a lot of sideways action and higher volume that can potentially catch the dump in this area.
And so I have bought some here and if it holds i'll buy some more.
