Long KSS for a breakoutThe daily chart of KSS shows continued sideways consolidation in a Wave-4 triangle. It is a clean impulsive sequence, with a simple zig-zag correction in Wave-2 and an extended Wave-3. Alternation between the corrective waves strengthens the conviction in the setup. A break of the triangle should take price higher toward 70, although it's difficult to predict when that will happen. Triangles tend to extend sideways longer than expected. Initiating a long position with an immediate profit target at 70, with an extension up to 72.50. A move below 55 invalidates the setup.
