Long

CCIV: Time to be greedy

Amid the panic sell off this morning it is time to be greedy when others are fearful. CCIV is retracing to deep fib levels and quickly. It hit the 61.8% level earlier today. This extends way outside a strong 90.5% correlated regression trend (blue and red shaded.) There is also a significant price gap caused from the panic sell from 45 to 55 that will likely fill soon. The price dipped below the trend line (blue line) but quickly rebounded. Somewhat decent support from the Ichimoku going forward as well. Long term share holders should buy now before the price continues to move higher. Deep retracements such as 61.8 provide lots of resistance at higher levels so no rush to buy for options traders. Wait for a lower volatility day to execute.

ArchersWingman

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ArchersWingman