ALK. Adding to my watchlist.

Not looking to trade in the near future. I think the 1-5 elliot waves here are highly textbook. For me, the correction is where a lot more uncertainty becomes involved.

This can be seen with just how many different types of correction formations there are, as opposed to the 1-5 wave which is fairly universal. I feel like I am still guessing a lot with the correction.

This is totally for entertainment of course, I don't have the patience to trade these long holds. But, if I keep doing this with my free time I'm thinking I can eventually get to the point where I'm taking a lot fewer trades.

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Something that won't shut up in my mind is that it's right near the 50 MA. I can't seem to prove that one right or wrong. I feel like it's always good for hindsight trading, but I haven't had success using it as support going forward. This is a painfully long process...

Comment:

One commonly touted rational for entering is when 50 MA acts as support. Yesterdays wick was rejected and closed above. Today's wick tried to go down once and got shot out strongly. This adds to any bullish assumptions.

It is far from the textbook setup, as we are registering bearish divergence in several indicators, and this pullback has violated a recent trendline support, as well as being in the middle of a what may be seen as an ABC correction, which we typically don't know when the end is.

Aggressive buyers might enter mid-day. Otherwise flight plan says enter off of the info we get the info from daily close.

Comment:

very interested. But, I'd really like to see that ceiling get broken out before I look for longs. Maybe take off immediate watchlist. This might be a bridge too far.