AVNR Did NOT Hit A Monthly Cycle Buy Signal Recently
AVNR did NOT hit a Monthly Cycle buy signal recently, see http://stockcharts.com/charts/gallery.html?avnr. The reason being that one must also wait for a short term Wave 1 upcycle that's evident on the daily chart. AVNR should have trended up for at least a session or two after the strong rally to 3.35 from 3.04 on strong volume on 6-14. Instead, it peaked at 3.35 the same session, which is not a monthly cycle buy signal.
Today's downside surprise (so far) to 3.01 forced me to figure out where I went wrong. It should be a rare occurrence that a buy signal fails. Once a buy signal occurs the cycle low obviously should be in, so, lower cycle lows shouldn't happen.
What I've been mistakenly saying previously: "AVNR's monthly downcycle (since monthly cycle peaked at 4.00) probably hit a monthly cycle low at 3.04 on Thursday 6-14, see http://stockcharts.com/charts/gallery.html?avnr. AVNR rallied dramatically to a session cycle high at 3.35 on strong volume on Thursday 6-14, which was a monthly cycle buy signal."
Also, GNBT did NOT hit a short term Wave 3 buy signal yesterday, because, it also needs to break it's short term downtrend line (http://stockcharts.com/charts/gallery.html?gnbt), see http://finance.yahoo.com/q/ta?s=gnbt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. I'll look to buy on after it breaks it's short term downtrend line.
What I said yesterday: "The rise to 1.77 on strong volume (short term buy signal (NOT)), plus the large inverse spike on today's candle, are signs that Wave 2 bottomed at 1.65. "
GNBT's Wave 1 peaked Wednesday 6-13 at 2.14. GNBT entered a Cyclical Bull Market at 0.51 in March 2005. GNBT's a new biotech rocket with probably more than enough average volume to be reasonably liquid, that entered an important intermediate term and monthly upcycle at 1.26 on Monday 6-11, see http://finance.yahoo.com/q/ta?s=gnbt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. GNBT's short term Wave 1 was up "big" on very strong volume, see http://stockcharts.com/charts/gallery.html?gnbt.
....... http://www.JoeFRocks.com/ .
Today's downside surprise (so far) to 3.01 forced me to figure out where I went wrong. It should be a rare occurrence that a buy signal fails. Once a buy signal occurs the cycle low obviously should be in, so, lower cycle lows shouldn't happen.
What I've been mistakenly saying previously: "AVNR's monthly downcycle (since monthly cycle peaked at 4.00) probably hit a monthly cycle low at 3.04 on Thursday 6-14, see http://stockcharts.com/charts/gallery.html?avnr. AVNR rallied dramatically to a session cycle high at 3.35 on strong volume on Thursday 6-14, which was a monthly cycle buy signal."
Also, GNBT did NOT hit a short term Wave 3 buy signal yesterday, because, it also needs to break it's short term downtrend line (http://stockcharts.com/charts/gallery.html?gnbt), see http://finance.yahoo.com/q/ta?s=gnbt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. I'll look to buy on after it breaks it's short term downtrend line.
What I said yesterday: "The rise to 1.77 on strong volume (short term buy signal (NOT)), plus the large inverse spike on today's candle, are signs that Wave 2 bottomed at 1.65. "
GNBT's Wave 1 peaked Wednesday 6-13 at 2.14. GNBT entered a Cyclical Bull Market at 0.51 in March 2005. GNBT's a new biotech rocket with probably more than enough average volume to be reasonably liquid, that entered an important intermediate term and monthly upcycle at 1.26 on Monday 6-11, see http://finance.yahoo.com/q/ta?s=gnbt&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c==. GNBT's short term Wave 1 was up "big" on very strong volume, see http://stockcharts.com/charts/gallery.html?gnbt.
....... http://www.JoeFRocks.com/ .
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
9:23 AM
