Last Update February 8, 2019
Big Picture wise AR is in a down trend. Price is below its 200m and 50m SMA, below the downtrend lien in place since 2016, below its 200d and 50d SMA, which are bearishly stacked: price<50d>200d SMA. In addition, price has not made a higher high and higher low since July last year. All in all there’s simple no sign of a bottom being in place. We need to see first five waves up to get some idea of a low being struck. In addition, we need to see price at least back above its 50d SMA, but preferably also above its 200d SMA. Otherwise we end up trying to fish for bottoms, and that is not how trading works. The money is in the trend, and right now it is down, with not a single indication of it having bottomed. Next logical target is the 88.60% retrace at $7.70, lets see what happens there. Again, that’s not a level to go long. We need confirmation first.