AuthenticTrader
Long

DEPO - Long - Get Ready - Harmonics, Connors RSI, and Elliot

NASDAQ:DEPO   None
These are the set ups we trade for. Connors RSI hit a low of 6, signaling possibly over sold. (Green rectangle ). We have " near perfect Butterfly and a PERFECT 38.2 AB=CD that has completed inside this Butterfly .

Price is trading at it's 52 year low on pretty good volume .

Elliot Count preferred says this is beginning of new Wave 1. Alternate count would it starting Wave 3. Either way, me thinks we have a nice reversal set up.

We can wait for TSI to turn Positive, and for a Bullish Candle reversal. Also, we could wait for the XA projection to fully complete to 1.27XA also.

I'm not ready yet, but I have freed up some capital to pull trigger on this one should we get confirmation. Here's the big picture zoomed out:




Comment: About Ready - On the hourly chart, price has turned with a bullish Piercing pattern two hours ago, and the next candle was a bullish confirming.

There are a total of three harmonic patterns that have now completed in the PRZ, the large Butterfly, a Large AB=CD and another AB=CD inside of this AB=CD

TSI turning up, and it shows divergence as well/. Her e is the chart zoomed in to the price action on the 1 hour:
Comment: Screen shot:

Trade active: Buy 2,000 @ 12,47 target the 38. 2 retrace as first target.
Trade active: Still Long! Missed the EW count...and it looks bad. Well we know this, price is the lowest its been since Dec 2013. It is extended to the 1.13 level, there is a bullish candlestick reversal, connors RSI went over sold again, and we have classic bullish divergence.

"The best time to buy a stock is when it looks like it isn't worth buying" Scott Carney of Harmonic Trading