$STX on the daily chart still maintains a bullish structure after a rally in 5 wave structure to the high made at $1.07 completing a wave larger Elliot wave 1.
We then started a pullback in a wave 2. Targets lie between $0.7758 -$0.6049 which the blue targets area. We seem to be reacting to that area. This could be the start of a wave 3 rally.
Assuming the low is in then we could rally to the fib level 1.618 on the fib extension at $1.68 as our minimum target area.
In case this rally fails then I will expect a reset of the low we made at $0.70 and we could breakdown all the way to the fib level 0.786 at $0.6049.
