Hmm… I choose the latter-  3rd wave of the Elliot Wave pattern.  Take a look at the $RPTP daily chart below:

Since this is a biotech company, the 3rd wave will be quite a sight to see IF it is the 3rd wave.  My target for the 3rd wave is $6.

Or

it could be an ABC correction which, in this case, will probably penetrate the resistance at $5.29 before heading back down.

Roll the dice, close your eyes, and cross your finger… Just kidding, this is not how you trade stock!

I will put a stop below the B wave if this is an ABC correction pattern.

My 2 cents.

Yeap, I bought a starter position on $RPTP.  If price action takes out resistance at $5.29, I will add more.

Comments »