Think we need a 277 if we want to see a 292. Then again, a vaccine announcement can do pretty much whatever it wants to wreak havoc on market charts!
I’ve mentioned in other posts that I don’t like to trade retracements. As we can see, they can really start to morph into many different patterns and it can cause a lot of frustration. When I do trade within these retrace zones, they are only quick day trade scalps.
With that being said. In order for me to enter a good long position, I want to see price pick up some buyers around the 277 area. There is plenty of demand and a lot of consolidation there so I think a good base can be built there to finally - hopefully - start a 5 wave move upward to 288 / 292. Also, as I’ve mentioned, above 288.51 is big cautious zone for me, so if holding any longs, grabbing a put to hedge probably isn’t a bad idea.
Game Plan: watch to make entry long around 277; invalidation low is 275 and caution high is 288. IF price never gets down there for a long, I will be sitting back and watching.
I’ve mentioned in other posts that I don’t like to trade retracements. As we can see, they can really start to morph into many different patterns and it can cause a lot of frustration. When I do trade within these retrace zones, they are only quick day trade scalps.
With that being said. In order for me to enter a good long position, I want to see price pick up some buyers around the 277 area. There is plenty of demand and a lot of consolidation there so I think a good base can be built there to finally - hopefully - start a 5 wave move upward to 288 / 292. Also, as I’ve mentioned, above 288.51 is big cautious zone for me, so if holding any longs, grabbing a put to hedge probably isn’t a bad idea.
Game Plan: watch to make entry long around 277; invalidation low is 275 and caution high is 288. IF price never gets down there for a long, I will be sitting back and watching.