Potential long trade with target around 4,300

The trade is already active (since 4,070). Two major resistances are ahead:

• 4,120
  
• 4,155
  

My main assumption is, that we stay within the major channel (which started in Nov 2020; I gonna post a picture afterwards).

In addition to my main assumption, we have some positive divergence in the 4H MACD. You might want to wait until the cut is done.

Trade active

Comment:

This is the channel which I mentioned earlier.

s3.tradingview.com/s...shots/x/xd9bYWTP.png

Comment:

130 points so far. Always good to take some profits. The trend is still in play.

Comment:

We are still basing, which is usually bullish. I have closed already 60% of my long positions. I added some shorts (I would close the shorts if we don't see some selling within the next 36-48h). I still believe that we can make it to 4,340. Nevertheless. I am still an opportunistic bear. Take care.

Comment:

1H: This is why I added some shorts.

Comment:

But the 4h still suggest a bullish trend.

Comment:

And the daily is still bullish too.

Comment:

I still would like to see how this gap will be filled. But right now, we don't have enough selling pressure.

Comment:

Five days of basing, which is usually bullish. I am optimistic, that Wall Street might give a try within the next days.

Comment:

Trade closed manually:

VIX broke out; Short squeeze on meme stocks; Rising yields. Time to take a brake.

130 points. Thank you ES!