$APD Will Likely See Some Relief Soon

Last discussed way back here, I predicted that $APD would rally and we got a 24% rally from there (that’s the move to the green 1 on the chart). Now, if we’re in another “2,” it’s a bit deep but not yet too deep. We’ve gone below the most typical 50-61.8% retracement, but the next most common level is the 78.6% which we’re essentially at now. The one issue I have with the move down is that it almost looks impulsive and we would want the move to look corrective. There are a couple of small overlaps in that move, so strictly speaking, it is corrective so far, but it’s far from conclusive. We have mild bullish divergence on the RSI, so we may expect this to rally to orange box above, as a conservative target (that’s my call here). If it is a 1-2-1-2 pump, we’ll go significantly higher than that. Any move significantly below the 78.6% retracement will begin to make this interpretation less probable, though it is not entirely invalidated so long as it’s above to big green C.


[UPDATE]: The target has been hit:


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