Thanks ElPrimero!

As you know TA is not full proof, but when used as a tool it can greatly increase your odds of making the right trade. The problem is when people use it exclusively at the expense of all other tools including fundamental analysis as Dan Norcini likes to call it.

Actually, it was ESL who suggested it may likely retrace to around the $0.70 level and form a reverse H&S or cup and handle as I have illustrated below. It appears his prognostication may turn out to be correct as we have now retraced approximately 63% and are well in the oversold territory, primed for a new move higher with heavy support in the low $0.60's.

TA does not take into account anomalies such as the apparent programmed selling by Citigroup over the past couple of days, especially on a relatively lightly traded stock as ECU. The last time we saw Citigroup claim the title of predominant seller was on March 31, days before the share price began it accent from multi-year lows.

Once $0.90 is successfully breached, the target price based on the cup and handle formation works out to approximately $1.30.

Good luck.