Iress shares had a big bounce off their low last Tuesday in what has potential to be the end of a text book correction.
If this low holds it will represent the classic 3 part correction - 2 swings lower with a correction in between where the 2nd swing down is the same size as the first (X/a = b/c). For good measure the low at “c” rejected the top of the gap formed after Iress released its latest profit result. If the text book script remains in place we would now see a rally that will take us above the high at X ($10.48)
If you are not familiar with Iress, it’s a diversified financial markets software and wealth management group that now also has significant operations in the UK