Bullish Eyes on Astro Counter?

Astro Daily Chart

Overlook Astro below 200MA and still in downtrend mode. On last Friday, breakout based on the downtrend line happened as picture above with average 5-days volume high then price closed at 4.16. The price may retest a few times around the trendline. Candlesticks showing bullish patterns. Technical indicator RSI >70 Astro in overbought area which seems that Astro may do correction in very short-term period.

This counter looks very interesting when my analysis showing some contradict. Dowtrend line already broken with 5-day average volume high. Trading rules for trendline entry method already fulfilled when today 8/10/2007 Astro opened at 4.16. The red horizontal (4.15) and vertical line showing how to make an entry. If price open above the horizontal line, the entry is there. While my counts based on Elliot Wave Theory and Fibonacci Expansion line, overall Astro in downtrend which still in count no 4 and waiting count no 5 for the end.

My instinct said that downtrend is still ongoing on Astro and I will not trade this counter. Sometimes you must believe your instinct which will guide you to make decisions.

Day after this I will show you how to trade using trendlines, Elliot Wave Theory and some explanation about Fibonacci. The basic material to show you is still in progress.

Anyway, happy learning and happy trading!