My analysis has probably been my most spot on analysis so far, so I’m proud of this one. I originally suggested that was after rallying back above its broken support, (in blue) when it was still hovering around 350. Then it broke out of its triangle, as I said was pretty likely given price action. I also suggested that the breakout at 430 would have been a safe long entry. Since then, if one had followed this idea and exited when the weekly reached overbought (above 800), you’d have walked away with 90-100% profits. If you bought even earlier (in the high 200’s or low 300’s) you’d be sitting at up to 300%. I entered at 376 and then 318. I exited a little early, but that’s okay. I’m still learning, which is why I don’t day trade much. We even overshot my target (green X) but then quickly got rejected.
I called this one very early because the signals were pretty clear to me.
You can see my two previous charts here:
However, as I said towards the end of my last analysis, weekly had reached overbought with heavy , which signified we were near a top. I noticed on Reddit a lot of people were trying to time the dip. These people are gamblers, to say the least. I said we’d probably topped out when we were over 800 , and since then we have had a pretty major pullback. I think we can now expect a bigger correction. Potential targets would be my red X’s. If 660 breaks down, we could fall to the newfound support in the 554 zone (broken resistance) or at 430 (the big breakout point). remains long term , so I wouldn’t go full-on until any lower supports are broken. This is simply an idea to show where we could head if we have indeed topped out for now.
Of course, we could consolidate here and head higher to retest 860, especially if bounces. If I were to short here, I’d probably set a stop loss. My red targets are zones where I might personally look for re-entry, as I scaled out of and into NEO, which I think is showing a similar accumulation pattern to before its breakout. That’s my personal trade though, and it might not play out as I hope it will.
This is not financial advice, and I’m not a professional financial advisor. Just because I made an excellent call once doesn’t mean I will continue to do so, and it doesn’t mean that my target prices HAVE to be reached. You choose what to do with your own money.
-Victor Cobra
Published at Fri, 11 Jan 2019 19:44:24 +0000
