AuthenticTrader

FBR Long Set Up - Candles, Technicals, and Elliot all say GO!

Long
NYSE:FBR   None
Candlestick Rising Held as support as we have had completion of Inverted Hammer and Engulfing bull patterns at this same level. Connors RSI below 10. For Elliot folks, please check the count that it doesn't violate any rules, and the retracement/correction has moved back down into middle of wave 4 Price has retraced down into wave 4 of previous impulse wave. So I believe it has completed wave A of the correction wave and have gone long with the target of 9.64, the 61.8 fib level. Medium term look to target 10.5 and long term Longer term 12.50 as it completes wave 3 of III.

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