Here we have a solid potential ACB play going long:
To keep it simple:
We have had Waves 1-3 and we are currently on Wave 4 as a retracement wave. Right now is a prime buying opportunity at 87 cents and below (.87-.84) - setting a stop loss below the top of Wave 1 (Elliot wave principle would be violated if the SL is hit) at 78 cents to be safe.
2 Sell Targets:
1st being a 1:1 of wave 1 which is a 24 cent move from the low of wave 4 which would be $1.10 (if $0.86 is the bottom, may need to slightly adjust)
2nd target would be the 2.618 extension of Wave 1 as Wave 3 reached the 1.618 (makes Wave 5 likely to reach 2.618).
Great % gains with a great R:R, what is there not to like?!
Will update as this plays out.
If you enjoy my content, make sure to 'subscribe'!
Thanks,
To keep it simple:
We have had Waves 1-3 and we are currently on Wave 4 as a retracement wave. Right now is a prime buying opportunity at 87 cents and below (.87-.84) - setting a stop loss below the top of Wave 1 (Elliot wave principle would be violated if the SL is hit) at 78 cents to be safe.
2 Sell Targets:
1st being a 1:1 of wave 1 which is a 24 cent move from the low of wave 4 which would be $1.10 (if $0.86 is the bottom, may need to slightly adjust)
2nd target would be the 2.618 extension of Wave 1 as Wave 3 reached the 1.618 (makes Wave 5 likely to reach 2.618).
Great % gains with a great R:R, what is there not to like?!
Will update as this plays out.
If you enjoy my content, make sure to 'subscribe'!
Thanks,
Comment:
Made its way to 78 cents but was still a great hold and additional buying opportunity! Lets see where it goes now!
Trade closed: stop reached:
Looks like ACB announced a reverse split of 12-1. Due to the news, along with the price going below my stop, I am out of this trade and simply watching now.
On to the next!
On to the next!