At first it looks like this was going to be a failed triangle, but now it's looking like it wants to retest the Feb highs (call it 960+); uptrend from march seems to have recovered after a head fake.
Note
Just noting that this move/triangle can also be viewed as a large Cup-n-Handle formation. If so, this could move quite a lot higher than just retesting the high. I'm using $800-$350 (handle to cup bottom delta) = $450 as the potential gain above the handle. $800+$450 = a ridiculously high $1250. Could have some bumps getting through the 960-1000 level.Note
today I close my 870 calls and opened some 1030 and 975 puts (jun 12). again, too far too fast here; would like to see the gap fill to ~~ 950-960, though the 1000 number could act as a magnet. still has significant upside potential, but i'll wait for a safer setup to go long again.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.