Not So Fast, Verge
Verge has been trying to make strides forward, lo these last few months. Despite pending news, there's what looks like a reverse head & shoulders forming, which I suspect may bring the price down to around .048'ish. The black line at .054, being the potential neckline, stands to be a significant near term threshold. It could mark either a double-bottom or the beginning of the head forming...or the journey to newer depths, indicated by the Beta and Primary Support lines.
Notice the declining volume as of late, too. The MACD is about to hit a negative crossing point while both price and volume are declining. Waves 1 and 2 have already completed, and it's time for 3 to turn south, which should be another good indicator of an upside-down head&shoulders instead of a double-bottom.
That's about as much slicing & dicing as I'm going to do on this one. Hope you've enjoyed this public service announcement!
† This is merely my opinion / observance of current market circumstances, and should not be taken as an encouragement or invitation to take any sort of action, other than to seek greater education and insight into technical analysis and market semantics.
Notice the declining volume as of late, too. The MACD is about to hit a negative crossing point while both price and volume are declining. Waves 1 and 2 have already completed, and it's time for 3 to turn south, which should be another good indicator of an upside-down head&shoulders instead of a double-bottom.
That's about as much slicing & dicing as I'm going to do on this one. Hope you've enjoyed this public service announcement!
† This is merely my opinion / observance of current market circumstances, and should not be taken as an encouragement or invitation to take any sort of action, other than to seek greater education and insight into technical analysis and market semantics.
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