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I do not agree with advanced TA as it applies to penny stocks.
I have described our proprietary TA techniques in Chapter three of Understanding Penny Stocks, and suggest that you use these, and only these, if you are attempting to analyze a penny stock.
Below is an example of the types of technical analysis techniques that are discussed in Understanding Penny Stocks. For a full explanation of all of them, review the section on Leeds Analysis, and specifically Leeds Analysis Technical Indicators.
More advanced TA is unproven even for larger, more heavily traded stocks, and when applied to thinly traded issues like penny stocks, the methodologies are useless and misleading.