$NU, the final leg to $2.97-$3.06

Here's my updated view on $NU going forward.

For those that followed the last chart on $NU, we were able to exit near the top at $1.46, and accurately predict which of the pivots would be the top of that cycle. Since then, I've been out of the trade waiting to see how price reacted, and now I feel like I have a better sense of where the market is headed.

Over the weekend, we got one last exit pump that tricked many people (including myself) into thinking we were going higher-- though I didn't take the trade. Now you can see price is has declined under a key support of $.97-.98 which leads me to believe the market is going lower, not higher from here (at least in the next month or so). It's of course possible for price to exceed that level in the very near term (ie. next week), however, I don't see price staying above there for long.

I believe we'll likely see another 40-50% drop from here with price finding support in the $.47-$.53 range in early/mid December. Then early January, we should see price start to recover for it's final leg up to $2.97-$3.06. If I had to guess the timing of when we'd see that last leg up, I'd guess that sometime between the two pivots on the chart in January (5-25), we should see price hit it's final high.

I'm a buyer near $.50 and a seller near $3.

Let's see how the trade plays out over the coming months. As always, this is my interpretation of the chart, and you should DYOR.

Comment:

I want to entertain a bullish scenario.

I have the next daily pivot on the 28th and one after that one the 6th.

There is a possibility that we see a last impulse higher between those dates. The three scenarios that I'm entertaining are:

1. $NU goes and retests the highs and tops out around $1.97 forming a double top and then falls further back to the $.50 range.
2. $NU goes and retests the 50% retracement level around $1.46 and then afterwards falls further.
3. $Nu sees it's final leg higher to $3 between those two dates and then goes into a bear market afterwards.

I'm not sure which one we'll get... but I will likely enter a position prior to that pivot and then update this as I see price action play out.

Comment:

The other possibility is that we reject $1.13 and then continue lower. Either way, wanted to lay out the different scenarios I see possible.

Comment:

Looks like the last idea was the correct one. Down we go.

Comment:

Although price has moved out of the channel, I'm not sure we're in the clear yet.

Still think there's a possibility of price coming down to sweep the lows - I think if price goes down to retest the $.70 region again, It's unlikely to hold as support which would setup a move lower to between $.41-$.54.

If this were to happen, then I lean towards the timing of a move higher to not happen until the last pivot on the chart and for the beginning of January to be bearish.

Let's keep watching the price action over the coming weeks

Just want to share some thoughts--- however, I'm not certain which direction things will play out.

Comment:

Alright, the long awaited update. The TL:Dr; I took my first long this morning on $NU since the October run.

This will NOT be a buy and hold scenario, but a trade that I expect to play out over the next 3-4 weeks.

I'm targeting on the low end $.89, mid range $1.37, and the upper target of 1.60. I know that's a wide range, but I'm still unsure how big of a bounce we'll get.

As of now, I'm setting a limit sell at $1.60, but will take profits if I see the chart turn before reaching that target.

Note: After this move, I'm expecting another move lower in April. Hence why this will not be a hold for me.

Good luck.

Comment:

Also how beautiful that we bottomed at support on the last pivot :).

Comment:

Note: There is a chance that we see one more retest of the lows at $.40-.42ish early next week. If I get stopped out here, then that's where I'm buying.