RED rose to $0.375 before price collapsed over 40% in one day but in the process also confirmed a new uptrend. Price recovered steadily over the next 11 weeks and made a short term target of $0.35 which was also the overhead resistance of the previous downtrend. Given RED’s propensity to fall back heavily without warning I exited at $0.34 for a small profit - after which price closed 7% lower and then fell back even further over the next couple of days. I’m expecting it may bottom out at around $0.25 - $0.275 (which would see it down by 18% - 25%), after which it may be a buy again before it has another try at the overhead downtrend.

18 June 2020

RED appears to be rising out of an Elliot Wave 4 into Wave 5 which should see new highs made above $0.40. Price has made a resistance break pattern with a target of $0.37 and with price making higher lows and higher highs this could be an opportune time to buy.