I am super long on GLM... Price has obviously cleared the previous trading range, we are past the Back Up into Last Point of Supply from the initial minor SOS and we are inside of the new major SOS structure.
The only current red flag I can tell you about is that price is trading above right above what seems to be the established ascending channel... Which is a change in price's behavior (CHoCH - Change of Character). It CAN mean that price is really high right now and we could be setting up for a trading range, or possibly have a small correction down before the uptrend resumes. So I can't guarantee you that this is the best price to come in at. What I can tell you is that price will make a new ATH sooner or later.
When you have a super high volume candle on the outside of a structure, it does make a temporary exhaustion move... But then it tends to go right back up above the high price just created ON LOW VOLUME. We can even make a new ATH on lower volume than it took to break out from the ascending channel! So the possibility is certainly there for a new ATH pretty soon. I would really start eyeing close to that $3 region or high $2 region as an exit point on this.
The good sign is that it's starting to use the 1.618 retracement from trading range swing low to ATH swing high, which is a good sign.
The only current red flag I can tell you about is that price is trading above right above what seems to be the established ascending channel... Which is a change in price's behavior (CHoCH - Change of Character). It CAN mean that price is really high right now and we could be setting up for a trading range, or possibly have a small correction down before the uptrend resumes. So I can't guarantee you that this is the best price to come in at. What I can tell you is that price will make a new ATH sooner or later.
When you have a super high volume candle on the outside of a structure, it does make a temporary exhaustion move... But then it tends to go right back up above the high price just created ON LOW VOLUME. We can even make a new ATH on lower volume than it took to break out from the ascending channel! So the possibility is certainly there for a new ATH pretty soon. I would really start eyeing close to that $3 region or high $2 region as an exit point on this.
The good sign is that it's starting to use the 1.618 retracement from trading range swing low to ATH swing high, which is a good sign.