Looking for a major retrace soonStill currently in a long position since $260 and waiting for signs of a reversal. We could either fade out here or go parabolic into the $300s. Considering the news catalyst, I think we will probably go parabolic sooner rather than later and meet resistance around the same place as last time, where I will start looking for shorts. If the trend stays healthy and volume isn't extraordinary, I may keep partial longs and wait for another breakout.
Either way, the top of this channel looks like a good target for longs if you've been long. What happens after that is what will decide the overall trend. We will either make a higher low and continue up or crash down below baseline support, which is a bad sign.
It all depends on the speed. If we approach $310-$320 sooner rather than later with large volume, then it's a short signal with a lower low on shorter time frames for confirmation.
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