GREETINGS!
I've made several posts on Rolls Royce and Raytheon the past few months. Ultimately, we remain bullish for another leg up, but the back-and-forth price action has been exhausting.
Why are we bullish? Well, my strategies involve a simplistic basis of eliot wave theory which shows airlines and major indices have another leg, but I also consider other non-voodoo indicators. For example, Look at the put/call ratio or general market sentiment... EVERYONE IS BEARISH . The contrarian should be salivating.
I'm here to provide an update on the RTX play. The primary count is still active, although price targets have changed slightly from the previous post (see related ideas below to see the DD).
Here I think we are compressing into a triangle wave 4 of C, resulting in a delayed takeoff. I have the 1.272 extension at $95, but we could go to the 1.618 near $105 which would also result in a sharp peak out of the channel, which we often look for for blow-off tops.
Triangles can be annoying to trade, depending on your time commitment available for your capital to be tied-up. This is because intermediate waves often consist of fakeouts! In this case, I think it's time to accumulate! I will be purchasing RYCEY and RTX (at these prices) as my primary exposure to the airline sector.
Good luck!
I've made several posts on Rolls Royce and Raytheon the past few months. Ultimately, we remain bullish for another leg up, but the back-and-forth price action has been exhausting.
Why are we bullish? Well, my strategies involve a simplistic basis of eliot wave theory which shows airlines and major indices have another leg, but I also consider other non-voodoo indicators. For example, Look at the put/call ratio or general market sentiment... EVERYONE IS BEARISH . The contrarian should be salivating.
I'm here to provide an update on the RTX play. The primary count is still active, although price targets have changed slightly from the previous post (see related ideas below to see the DD).
Here I think we are compressing into a triangle wave 4 of C, resulting in a delayed takeoff. I have the 1.272 extension at $95, but we could go to the 1.618 near $105 which would also result in a sharp peak out of the channel, which we often look for for blow-off tops.
Triangles can be annoying to trade, depending on your time commitment available for your capital to be tied-up. This is because intermediate waves often consist of fakeouts! In this case, I think it's time to accumulate! I will be purchasing RYCEY and RTX (at these prices) as my primary exposure to the airline sector.
Good luck!
