Correction ATLASt?

Atlas Mining had a phenomenal run since March. From the single digit price levels, it soared to as high as Php 21.oo in May of the same year. It hasn't made a major correction, until now. I'm clapping my hands for those who bought near Php 9.00 and sold near Php 20.00.

After May 21, prices started to drift lower, although it was still above the 65 day moving average. Now that may have had some people fooled. In fact, on hindsight, there was actually a head and shoulders formation, although not as voluptuous as we want. (encircled in red). But now, the H&S has accentuated to give rise to a clearer area pattern - a descending triangle! But folks, T.A. shouldn't be about hindsight, dapat foresight.

The worse part? The long term bull trend was also broken today when it hit a low of 16.75 today. The price is going to kiss the 65 day moving average soon. So for those who still have this, time to cut loss unless you want to be an investor. (encircled in blue)

Stay away folks! The correction will be steep. If the Php 16.50 price is broken tomorrow, we could see it drop to a low of Php 15.00, maybe even Php 14.00! (Judging from the height of the triangle).

Trend Indicator: MACD, goodbye Atlas for now. We'll see each other again when you start rebounding.

My interpretation: SUCK!