Sideways consolidation/correction period following an aggressive rise is running into support at $1,306 range (50% retracement level). The ABC wave corrective cycle has formed a bullish rectangle with a bottom at 38% to 50% retrace of bull rise. While wave C should extend down to $1,295 in a textbook, a test of key $1295-$1,306 support area failed to breach and quickly retraced to $1,320 forming a bullish pinbar today. 100MA ($1,301) and 50% retrace level ($1,306) are key support areas with a high probability of holding.
Wave A-B cycle: 16 days
Wave C cycle: 9 days
Ready for new 5 wave up to challenge $1,360.
Houston, the base is in place and we are ready to launch. The entry came a little sooner than I was expecting, but the pinbar today is pushing the issue and prompting an entry. More conservative traders can strive to get an entry tomorrow (Friday) or Monday at $1,306 but may miss the entry all together and be left chasing prices back up. Pick your point, set your stop and hang tight.
Entry: $1,311
Stop: $1,301
Min Target: $1,341
Max target: $1,361
Risk/reward: 3:1
On the hourly, its clear that a new lower low was formed, but quickly failed and rose back up above the prior low, a 2B reversal, which also formed a bullish pinbar.
Wave A-B cycle: 16 days
Wave C cycle: 9 days
Ready for new 5 wave up to challenge $1,360.
Houston, the base is in place and we are ready to launch. The entry came a little sooner than I was expecting, but the pinbar today is pushing the issue and prompting an entry. More conservative traders can strive to get an entry tomorrow (Friday) or Monday at $1,306 but may miss the entry all together and be left chasing prices back up. Pick your point, set your stop and hang tight.
Entry: $1,311
Stop: $1,301
Min Target: $1,341
Max target: $1,361
Risk/reward: 3:1
On the hourly, its clear that a new lower low was formed, but quickly failed and rose back up above the prior low, a 2B reversal, which also formed a bullish pinbar.
评论:
Still waiting on a DCL entry base to form. $1,295 to $1,306.
评论:
Friday's bullish pinbar formed at bounce from $1,315, this is not the DCL yet - I believe we are seeing a bullish continuation wedge forming with one more bottom yet to come around March 20/21---the FOMC meeting date! My target remains $1,294 to $1,306. The next dip below $1,316 will perk my interest to watch for a good long entry point in this range. I expect the reversal back up to be quick and aggressive with a challenge beyond $1,380 possible. Stop @ =$1,290 if tolerable.
评论:
Still in the messy chop zone. No trade to whippy. Patiently waiting for DCL to establish just below $1,300 then breaking the downtrend channel.
评论:
Still in chop zone waiting for direction. No trade. No DCL.
评论:
The longest setup ever is still on track for a rise after the March 20/21 FOMC. prices sinking back into my target purchase range - $1,315 to $1,294 with $1,294 finally looking like a strong possibility. Stay patient for your entry, prices will come to you.
评论:
Right on track with price erosion...slow and choppy. $1,306 is holding firm but I believe there is still a drop below $1,300 as the final down move...tapping $1,294 at the extreme but time is running out. Long entry in the next 48 hours with $1,330 as the mininum target (confirmation) and $1,360 as the target (strong resistance)
评论:
Launch confirmed.
交易结束：到达目标:
Too much risk of volatility with the US markets this week. New idea will be launched shortly.
I don't expect this wave to challenge beyond $1,341 but its a good strategy to be long and keep being long in my opinion.