BaylorSpineGuy said:
Can you do some EW for us on RGS? If u posted earlier, sorry I never saw….
Very long corrective wave down dating back to the Christmas high of 2004. The first big move you see that bottoms at $8.21 in Nov of 2008 is a pretty clean 5 waves down forming "a" of the correction. At the time, I probably would have assumed that was the bottom.
It then spends 11 years correcting that entire 5-wave move from the ATH by 38% back upward. Notice the action in those years.. nothing impulsive. All overlapping and corrective in nature. Any big gains were only temporary and were usually followed by steep drops. That's what you get in a long term bear market with a stock or index. But it was indeed a "b" wave and the fibs are how we know.
Since that top in October of 2019 at $23.27, it entered into a very impulsive move downward to new lows. It does get diagonal in nature which is common for "c" waves. We call them ending diagonals.
The bottom from a couple weeks ago touched just shy of the 200% extension level downward from the Wave 1 low and Wave 2 high of this Wave "c". It does look to have permanently bottomed at $2.64. A bottom of a 20-year trend. WOW.
Edit: Nothing is ever 100%. I am not guaranteeing that it won't go lower, just showing that the probabilities and fibs point to it not.
Where does it go from here?
UP!
Kidding aside.. if you want to ride for the long haul, you could jump in with shares here. But who knows how long it takes and how quick it starts to rise. The next move could be a wave i within a wave (i) within a Wave 1 within a Wave (1). Lots and lots of build up before anything significant. I will put it on radar and alert if I see a nice setup like I've been tracking with PROG, VEON, and DNN. It's in that realm of stock right now.