AuthenticTrader
Long

BGFV -Long - Connors RSI Oversold, Elliot says Go!

NASDAQ:BGFV   BIG 5 SPORTING GOODS CORP
I normally wait for a candle reversal, but this looks really good. Lots of volume , price is stalling at a key area of support...former resistance that marked the top of wave 1 in previous impulse wave, now acting as support Connors RSI ( yellow Squares ) registered it's lowest since November indicating extreme oversold. (Check out previous low readings highlighted) Elliot count confirms this - Cycle wave I completed 11-21, and primary corrective wave A of Cycle II has just completed. Elliot says wave 2 normally retraces 38.2% -50%, and this move was 660 points...close to the 50% fib retrace. Stop can be nice and tight
Trade closed: target reached: Close @ $14.99 +9% price having trouble with Falling window gap so we will use our capital on a better Connors 2 period RSI set up!
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