Mana has come down to hit target at the 0.618 fibonacci after a huge upward move.
I anticipate the previous impulsive wave to have been wave 3 in the 5 wave Elliot Wave theory. Making the retracement to the 0.618 fib wave 4. The final wave 5 will see new highs of which I anticipate to be around the $6 mark. As far as time scale goes I think it will be upward towards the end of the week however it will be a slow growth towards $6 perhaps reaching it in mid Feb.
Orange lines on the chart I think will act as support and resistance levels.
Remember 2 things:
1 - I am but a humble intermediate trader not a financial advisor so please do not act on what I say. Please make up your own mind and invest with caution using only what you can spare.
2 - This is technical only and does not take into account any environment factors like law changes etc..
I anticipate the previous impulsive wave to have been wave 3 in the 5 wave Elliot Wave theory. Making the retracement to the 0.618 fib wave 4. The final wave 5 will see new highs of which I anticipate to be around the $6 mark. As far as time scale goes I think it will be upward towards the end of the week however it will be a slow growth towards $6 perhaps reaching it in mid Feb.
Orange lines on the chart I think will act as support and resistance levels.
Remember 2 things:
1 - I am but a humble intermediate trader not a financial advisor so please do not act on what I say. Please make up your own mind and invest with caution using only what you can spare.
2 - This is technical only and does not take into account any environment factors like law changes etc..
