AlphOmega Commentary
for
MMX MINER ON on 23/08/2011
Open 7,10, Low 6,93, High 7,44, Close 7,35 Change 0,40
Warning! AlphOmega Elliott Waves HV v1.1 has detected a possible point 4 of a WolfWave (21%) pattern for MMX MINER ON . This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4. The estimated target price is 0,00.
AlphOmega Elliott Waves HV v1.1 has confirmed a new wave of fast (8%) amplitude. This wave is labeled as a bullish wave C, this particular wave being an impulse wave from the pattern.
The present wave patterns are:
fast amplitude (8%): bullish wave C
moderate amplitude (13%): bullish wave 1
normal amplitude (21%): bearish wave 4
slow amplitude (34%): is undefined!
MMX MINER ON is long term Bearish as the 144 days moving average of 9,12 is decreasing. The Relative Strength Index is at 47,99 in the neutral territory. The Relative Momentum Index is at 34,53 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0,57, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 86,08. This value is in the overbought territory.
AlphOmega Elliott Waves HV v1.1 has detected an Isolated Low at 6,71 one bar ago ; this is usually a bullish sign that is not to be used alone!
Weekly Pivot Point Resistance and Support
The first weekly resistance level is at 7,38 while the second resistance level at 7,80. The first weekly support level is at 6,62 while the second support level is at 6,28.
Additional information not directly related to Elliott's methodology
Tomorrow's projected High: 7,65, the projected Low:7,14. The top 21-day Bollinger band is at: 8,97 while the bottom 21-day Bollinger band is at: 5,74.
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