ANR update: was that only 3 waves up, and thus lower lows ahead, or is there more in store

It’s been a while since I posted on ANR simple because there wasn’t a whole lot to say (not every scribble is worth an update). However, now a clearer picture emerges. First off, the white resistance box I drew was indeed heavy resistance and price did 1 kiss-good-bye… Talk about serious R. Anyway, there are, IMHO, two possibilities:

1) either ANR did a nice 5-3-5 ABC and is destined for lower lows below $3.20. Break above $4.16 invalidates this count

2) or ANR did a nice 1,2,i and is now in wave ii (wave labeling reverse on picture 😉 ) this will mean wave iii should kick in soon. Break below $3.14 invalidates this count.

Currently, ANR is at good Support ($3.40), and that held. If it doesn’t then the next support is at $3.00 and that means option 1) is in play… Also note that the daily technicals (RSI5 and FSTO) are rather oversold, but price is dragging the lower bollinger band down with it, which shows weakness.

ANR update 09092014

 

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