$LUMIA was 0.1694 nine hours ago when I said the first day was not the part I trusted. It is 0.1349 now, down 20.4% since that post.
The level I gave was 0.14, and I wanted it to hold through the next day with volume staying high. Price is now 3.6% under it, so that part of the test has failed already. The warning in that post held up. Volume did stay high, 29.1 million dollars in 24 hours, still 7.3 times the weekly average, so traders have not walked away from it.
It has not fully fit the MAGIC pattern yet though. I said giving back half the move fast would put it in the same group. The day before my post it was about 0.083, so half the move back means roughly 0.126. At 0.1349 it is still above that line. RSI is 51.3, right in the middle, and the weekly high is 0.1833, 26.4% above here.
So my view is cautious with one open question. If LUMIA gets back above 0.14 with this kind of volume, the dip was a pause and I was too early to doubt it. If it falls under 0.126, the spike is unwinding the same way MAGIC's did, and I will say so.
#Lumia #LUMIA
The level I gave was 0.14, and I wanted it to hold through the next day with volume staying high. Price is now 3.6% under it, so that part of the test has failed already. The warning in that post held up. Volume did stay high, 29.1 million dollars in 24 hours, still 7.3 times the weekly average, so traders have not walked away from it.
It has not fully fit the MAGIC pattern yet though. I said giving back half the move fast would put it in the same group. The day before my post it was about 0.083, so half the move back means roughly 0.126. At 0.1349 it is still above that line. RSI is 51.3, right in the middle, and the weekly high is 0.1833, 26.4% above here.
So my view is cautious with one open question. If LUMIA gets back above 0.14 with this kind of volume, the dip was a pause and I was too early to doubt it. If it falls under 0.126, the spike is unwinding the same way MAGIC's did, and I will say so.
#Lumia #LUMIA