Sorry for all the MCP Updates, but we did really well with our last trade here +38% and +58% and have been waiting VERY patiently for the next position to set up. Oddly it happened to show a decent set up just days before earnings (after market today) and did what we'd expect from any stock making a head fake move just before an upside reversal.
MCP is above the $4.70 level and looks like it will put in a bullish hammer-like candle on increasing volume today (daily candle).
Kong term 3C chart in line on the decline/confirmation and then a typical weaker relative positive divegrence leading in to that large Ascending triangle base before breaking lower which we avoided as things didn't look right or ready and a leading positive divergence in to that move.
This is where the large ascending triangle would be, these are not consolidation/continuation moves when they are this large, more often they are bases or tops depending on the preceding trend.
As is typical, accumulation usually increases toward the end just before an upside reversal and certainly in to lower prices that offer volume/supply.
The same can be seen on the 30 min chart, it looks like two accumulation areas are at the exact same spot on multiple different timeframes.
Intraday the leading positive on some longer timeframes is impressive, 5 min above only after the break below $4.70
And the 3 min is very impressive, this is the kind of action that grabs my attention and I usually do not pass up these kinds of signals.
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