PGM weekly chart
PGM testing old resistance with some solid under pinning volume,compared to its peers its slightly under valued.
Above short term trading targets also on the chart,swiggly lines not normally my style but i have adopted Weinsteins preferred weekly ma's as a trend identifier.
Yes PGM has been consolidating over the last couple of years (forming some kind of flag?). Maybe the impulsive move from 2014 will repeat now, but I note price action is at resistance so it may well pull back to fill some gaps before popping again.
Those gaps are shown in the chart below in the rectangular block/s on the left & right of the chart...
many thanks for your input and links to other threads i enjoyed the reading,the volume is quite larger on this move so i'm of the opinion the accumulation might be in a final phase so watching with interest.
Yes i own PGM i've been in it for many years but recently loaded up the base line support with several buys both long and short term packages.
There's plenty of FA with peer comparisons i've tried reading it but it puts me to sleep,the "men in black" cant hide from the chart though and clearly the volume build up is evidence of their activity.
Like wise i agree resistance becomes support with a retest of the breakout which provides two more buying points,1 the new support line 2 the minor high set with the move,
i doubt mrs Rags will let me buy more so i'll just have to watch those two points or find some courage and sell a few traders looking for my little boat to tack around,
Here's the similarity ,buyer beware this could slip into a 5 wave corrective or even rally up to create and inverted head n shoulder pattern completing the right hand side.Recent price action hasnt closed over and above the A line which doesnt give me any warm fuzz's at the moment.
After years of beating my head against the wall on these patterns i came to the conclusion the trend is sideways,secondary,corrective and yet to test the current short term low.
note to self ,
(why are you still holding this ,stop loving stories do you really enjoy pulling cables through houses at your age ?)
Yes harmonic patterns can make a lot of sense when trying to interpret errant price action.
FWIW this pattern seems to satisfy most of the Gartley harmonic pattern requirements: Looks like the first three legs are complete, PGM has successfully bounced off gap support and it is within the Pattern Completion Zone.