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ARQL: HAS THE DOWN-TREND REVERSED? Fibonacci Event Is Forecast.

NASDAQ:ARQL   ARQULE INC
29 0 7
The chart of ARQL             is showing signs of strength after a long decline.
Fibonacci 2 (long blue vertical line, mid-July, 2015) indicated a base.
Fibonacci 3 (long blue vertical line, September, 2015) indicated an upside breakout. This action was confirmed by the three indicators on top. The phase energy during this time period (Sep 1-Dec 7, 2015) remained very strong, and vortex (middle top) remained strong (green over red) for three months. ARQL             rose 30%+.
Fibonacci 5 clearly signaled the beginning of a down-trend. The Ichimoku Cloud sank, the Ki Jun-Sen baseline sank, and the thick red cloud conversion line went sharply lower. The alligator was feeding in the down-trend. This negative action lasted almost five months.
Fibonacci 8 (long blue vertical line mid-April, 2016) is signaling an event. This event can be positive or negative, BUT, based on the top three indicators turning positive, and the down-trend line being broken, I believe we have an upside reversal developing.
The alligator (look to the far right on the chart, at about $1.75 by the large red up arrow) is feeding in the UPTREND. The thick red Ichimoku conversion line has turned up, crossing over the Ki-Jun-Sen baseline, and, the price action is finally trading above the cloud.
If you buy the stock, which I have, be aware that this is could be a developing "W" pattern, and if the price action fails, the formation could be a bearish crab , butterfly , or shark . But I don't think so. I am long ARQL             .
Today I will close with a quote from Bill Murray: "The Best Way to teach your kids about taxes is by eating 30% of their ice cream".
I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.
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