SHORT TERM BULLISH CCIV
Updated
Looks to be following a flat wave B correction following a very bullish leading expanding diagonal from the huge wedge breakout.
targetting 1:1-1.27 C extension to complete this (assuming its corrective up).
I dont think the overall correction is over, so that's my primary theory which is conservative, defined, and modest for a 15% gain.
I take high percentage trades, and dont expect to hit homeruns.
targetting 1:1-1.27 C extension to complete this (assuming its corrective up).
I dont think the overall correction is over, so that's my primary theory which is conservative, defined, and modest for a 15% gain.
I take high percentage trades, and dont expect to hit homeruns.
Note
Hit this one on the head. Clean reaction just as expected for a typical Flat correction. Got the impulse today verified by bullish RSI. This is bullish because it signals the buyers are willing to push the momentum into overbought territory. This also stages a local maximum for RSI to start building divergence. We will look for at least 1 more higher high on price to instill bearish divergence (lower RSI). This is supported by another wave to complete the 5-wave impulse and aiming for the 1-1.272 extension. If we see it blow by the 1.272, we may start to consider this a larger impulse rather than just an ABC, but still have a long ways to go for evidence to start to show.Note
Closing trade for a cool 20%. Success play.
May still have more on the table, but this was a well-defined trade with targets hit. That's why it became a high probability trade. Anything more is getting greedy, and I'm not seeing significant evidence for much higher without a pullback. Will consider reentering on a retrace depending on how it looks.
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