Elf is looking to target its next weekly valley. What i like about ELF is that it recently broke above and is holding a long term trend, laddering up to close out valleys, and its daily volume is increasing. Im looking for ELF to break above the 4486 level that its currently range bound to. After breaking this level there is very little resistance to target its next daily valley at 4958. Ill be looking to sell at 3 levels and re enter to average down my position. 4860 daily inverse, 4958 daily, and the 5239 weekly. If only the inverse level is hit i will get out of position and not re enter.
Trade closed: stop reached