SQ was one of my favourite stocks to trade from 2018, and in 2019 it is continuing with the same volatility . I do believe SQ will be getting a pullback over the next 48 hours and I have been scaling into a short position with my first short order already filled. My first target is $70, RSI is also sitting in 4hr overbought territory and the daily 66, which alone does not mean it will pull back straight away, but adds confidence to my scaling short position which may end as subwave 4 of the 5th of the start of an ABC correction. SQ is a stock that I love to day trade and scalp, but this trade is more of a swing position.
Comment:
The perfect trade. SQ hit my short targets, and then bounced off the 0.236 Fibonacci level exactly at $67.45 to run up to the 2.618 extension, so the retracement was subwave 4 of the 5th Elliott Wave up.
Comment:
Subwave 5 of the 5th now in. RSI is not getting bearish divergences yet though. Upper target is $80-83, where I will be laddering in shorts. Now you all know why SQ is my favourite stock to trade, amazing profits in a 3 days. One of the biggest moving stocks, I love the volatility!