Been a trader for 5 years now. Mainly a proponent of technical analysis -- more specifically elliott wave theory and fibonacci methodologies. None of what is said is to be interpreted as buy/sell advice or any endorsements. These are mainly for fun!
Waiting for a hit of the upside green box (labeled 4), for a short targetting 5 down. This will put me on watch for a long term bottom
With respect to what I said in MMM Micro -- the linked idea - the clue was the fact that the first wave up didn't hit my desired green target, and now we have staged a very corrective looking move up. This has put me on high alert...
I like this setup for much higher. High R.R since I will be long as long as we are above 48 on a closing basis. Over the next year, I expect a visit of 65 first, and once that goes, much higher (will update targets with price movement)
Would like to enter some short positions on URI and watch it go into c of 2, so that we can go for a very nice bullish setup there.
So plan is to wait for the little green box at the gann line, and then small short there, and flip to long at the larger green box down below. This trade would likely be a multi month one