While price has not moved up towards my August target, it has held above a weekly uptrend line. Price could be expected to now start moving up again and a break above $0.40 could suggest my earlier target is still in play. Price has been making lower weekly troughs and peaks in recent times and I need to see that revert to higher troughs and peaks for a sustained rise. Note the red arrow on the chart. The high at the time of my August post was followed by a very bearish engulfing candle which I saw as a sign prices would fall and marked it on the chart as a reminder. Candlestick patterns can be very informative.

PLS 9Oct2020

7 August 2020

PLS appears to have recently completed Wave C (Elliott Wave) and started up Wave 1 making an uptrend, weekly higher highs and lows, breaking above a downtrend line and making a resistance break pattern at $0.40 – in short all the buy signals you could hope for. I’ve marked the Waves for anyone interested as PLS makes a fairly textbook pattern. Also of interest the stock has made a Wyckoff pattern (the shaded rectangle) which has a target of $0.61.

PLS 7 Aug 2020

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Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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