Follow up GU Analysis 11/7

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On the daily time frame the inverted hammer was confirmed with the strong green candle. If you were waiting to enter into GU after the confirmation, the retracement down to the 0.50 fib level produced a perfect entry into the long. Candlestick analysis presented an inverted hammer on the hourly time frame at the 0.618 fib level and was confirmed with the next green candle. The retracement also created an intraday channel that may stay in play for the next couple of days, but overall I expect GU to break out and proceed to my previous take profit point by the end of the week. A lot of news that could affect GU is coming out on Friday, however the news should not effect the overall long.

I did not mean to say perfect entry for long term sell however i meant perfect entry for long term buy and did not notice the mistake until after i published the idea.
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