$GPN Has Come to a Good Fib, Looking for it to Rally

The giant wedge breakdown on $GPN has reached the origin of the wedge which coincided with the 50-61.8% retracement (big orange box we’re in) of the move from the crash lows. It has the look of 5-waves down, so it may need another leg lower to complete the correction. The conservative view here then is to expect a rally to the orange box. That will either than be wave 1 of a new bullish sequence, or the B wave of a larger correction. We should be able to tell by the structure of the move up whether it’s impulsive or corrective.

GPN


[UPDATE]: This failed to produce a rally of any kind before collapsing. I will file this under “Unsuccessful Calls.” I will need to monitor the price action from here prior to making a new call.

GPN


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