Exact Sciences: Anticipating a Market Correction Amidst Overboug
Updated
Exact Sciences is exhibiting bullish tendencies at present, but it's critical to anticipate a substantial correction upon touching, or descending below, the 0.618 Fibonacci retracement level. The stock is likely to retreat to around $70, a significant support level we've observed. The patterns in play – the AB=CD pattern and a yet unconfirmed bearish bat pattern – suggest this potential correction.
Moreover, the stock's weekly Relative Strength Index (RSI) indicates an overbought situation, signaling a possible reversal in the near future. While I'm an advocate for Exact Sciences, particularly their efforts in cancer diagnostics and treatment, it's important to ground our expectations in reality. In the long run, the company represents a viable investment opportunity, but the current overbought status implies that a better entry point may be forthcoming.
Never be swayed by the fear of missing out; remember, purchasing at a lower price could yield up to a 50% gain compared to the current pricing. Starting at $87, I intend to short the stock, continuing to do so until we see the anticipated market correction. Despite the current optimism, it's improbable for the stock to soar indefinitely.
While Exact Sciences' research in cancer treatment shows promise, it's essential to remember that we are yet to find a definitive cure for cancer. Factors such as diet and environmental pollution play a crucial role in the incidence of the disease. Despite these realities, I plan to buy shares to support the company's mission, but not at the inflated current price.
Based on my technical analysis, it seems likely we are due for a correction, possibly down to the $70 level.
IPlease note that while I follow the markets closely and share my insights, I am not a licensed financial advisor. It's always crucial to do your own research or consult with a financial advisor before making investment decisions.
Moreover, the stock's weekly Relative Strength Index (RSI) indicates an overbought situation, signaling a possible reversal in the near future. While I'm an advocate for Exact Sciences, particularly their efforts in cancer diagnostics and treatment, it's important to ground our expectations in reality. In the long run, the company represents a viable investment opportunity, but the current overbought status implies that a better entry point may be forthcoming.
Never be swayed by the fear of missing out; remember, purchasing at a lower price could yield up to a 50% gain compared to the current pricing. Starting at $87, I intend to short the stock, continuing to do so until we see the anticipated market correction. Despite the current optimism, it's improbable for the stock to soar indefinitely.
While Exact Sciences' research in cancer treatment shows promise, it's essential to remember that we are yet to find a definitive cure for cancer. Factors such as diet and environmental pollution play a crucial role in the incidence of the disease. Despite these realities, I plan to buy shares to support the company's mission, but not at the inflated current price.
Based on my technical analysis, it seems likely we are due for a correction, possibly down to the $70 level.
IPlease note that while I follow the markets closely and share my insights, I am not a licensed financial advisor. It's always crucial to do your own research or consult with a financial advisor before making investment decisions.
Note
I closed 80% of my short positions, check my next move here 
Trade closed: target reached
Congrats to my dear followers—we've reached the $50 zone! I've closed the rest of my position and we've made a ton of money
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