MaryJane

122 days to close the gap?

NASDAQ:ILMN   ILLUMINA INC
270 2 23
Illumina             is bullish since 2012. We have seen a huge buying wave which started 2012 at 25 $ and reached till 240$ in 2015! After building this top, we can see a consolidation phase which reached down to the 0,5 fibo at 133,745$. Perhaps a Big Bearish H&S will be formed. The neckline is corresponding to the central Support Level . (TPs from this H&S could be: Min TO 74$/ Max TP: 19$ - this is a pure technical view, not my view :-))

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These days we could read bad News - the consequence of this bad momentum is a huge and ugly downgap - similar to my former view.

Former view:
Bottom x 4 vs. Triangle
Bottom x 4 vs. Triangle

Buy - Sell? Good question , no matter how you decide, fact is, that we now are trading near a clear action Point: The three times tested support level @ ~ 130$

2 Trades are thinkable:
Buy the support @ 130 --> exspected TPs: 149 / 165
Sell the Break of the Tringle-Support @ 127-130 - exspected TP:100

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In my former view we tried to catch the gap-close - it worked! It took 122 days to fill the former gap.

Will it work again?
Out of this view, the actual gap could be closed february 2017 :-)

What can we see at present?
We can see a trading range between ~130 - 190. After the youngest downgap we have again nearly reached the multiple times tested central Support Level - the Box`s bottom.
If you believe the gap will be closed again, you could open a nice longposition near this mentioned bottom. Here you have a really nice Chance-Risk-Ratio - 7:1!
The Box`s bottom should be supported by the uptrendline which is based at 118$ at present.

If you think about a bigger trendbreak, you could decide to open a shortposition below the central Support Level like illustrated in my former view.

Best Regards Mary

Comments are welcome!



Comment: RSI is looking good ... ilmn made the first step into the gap :-9 117 days left to Close the gap ;-)
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Comment: very nice!!!
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Comment: oh happy day :-9
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Comment: overbought now
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Comment: day 93 of 122 we filled 2/3 of the gap!
Comment: and made a new one :-)
Comment:
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Comment: nice game :-)
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Comment: Time over! we didn`t fill the gap within 122 days, but made a big step to the right direction :-9 cheers -
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Comment: crazy!!!
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Awesome analysis
Reply
MaryJane Hks6996
THX..let`s see :-)
Reply
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