THESIS
MARKET
NASDAQ in a confirmed uptrend, price above a rising 30W MA.
5 and 10 day breadth ratios above 1 suggesting demand in control.
12 week breadth ratio 0.78 but improving suggesting market in transition.
$VXN below 30.
STOCK
BULLISH STRUCTURE
Price above a rising 30W MA.
RS above the zero line, trending up and near ATHs.
Price moved 43% before correcting through price. Price corrected back to the 50 MA.
The total correction from ATH was 19%.
Price printed a higher low before breaking out of it's downward sloping price channel (DSPC).
Price has now formed a relatively tight low cheat.
Price above its ATR zero line.
The last 3 bars have been tight with narrow range real bodies. Price has also drifted down.
Volume has contracted with 3 blue dots and 1 red dot over the last 5 days.
RS is above the zero line and trending up (marginally)
BEARISH STRUCTURE
No significant bars within the base suggesting no institutional bid yet. Given the low cheat strategy this isn't unusual as prove current in the lower third of the base.
LAST 3 BARS
3x tight 'B' bars
1x red and 1x blue dot
ENTRY
Half position
MARKET
NASDAQ in a confirmed uptrend, price above a rising 30W MA.
5 and 10 day breadth ratios above 1 suggesting demand in control.
12 week breadth ratio 0.78 but improving suggesting market in transition.
$VXN below 30.
STOCK
BULLISH STRUCTURE
Price above a rising 30W MA.
RS above the zero line, trending up and near ATHs.
Price moved 43% before correcting through price. Price corrected back to the 50 MA.
The total correction from ATH was 19%.
Price printed a higher low before breaking out of it's downward sloping price channel (DSPC).
Price has now formed a relatively tight low cheat.
Price above its ATR zero line.
The last 3 bars have been tight with narrow range real bodies. Price has also drifted down.
Volume has contracted with 3 blue dots and 1 red dot over the last 5 days.
RS is above the zero line and trending up (marginally)
BEARISH STRUCTURE
No significant bars within the base suggesting no institutional bid yet. Given the low cheat strategy this isn't unusual as prove current in the lower third of the base.
LAST 3 BARS
3x tight 'B' bars
1x red and 1x blue dot
ENTRY
Half position