2 days ago we broke below the but the selloff couldn't last for too long. We not just printed a reversal breaking back above the but almost printed an island reversal. Let's say we have 1/2 island reversal. The gap below today's bottom might never get filled.
left oversold just like at the previous rallies. turning up -crossing over soon. This rally could be even more powerful than last one. A 30-35$ rally is not out of the table...
This one has printed an intermediate cycle low 3 days ago by breaking the trendline. So it will run for 6-8 weeks. This is going to be a horrible rally.
Use the dips to add the position. This trade will be the a big winner.
29.3 and 27.7. If you add at 29.3 have some dry powder to add around 27.7-28.
I don't think the gap will be ever filled.
Try to buy the dips!
Every red candle is a reason to add for 2 weeks from now
One could use the 10 EMA on the 4hrs chart to add the position
Watch how 10 EMA is supporting the trend...
Almost all of yesterday's decline erased...
(UP gap) I think the whole market will have a small correction today so I'm going to sell half of my LABU position into the open. I will buy back at the close , or tomorrow at the open.
Will post it in the stock trade.
It's just a small game you don't have to follow one could loose the position or have to enter at higher price...
I said yes, but now at the open I will not buy. I want to wait what's happening today.
S&P is in a rally mode but we could stop for 1-2 days. That would affect LABU also.
It could drop a bit more. I would like to buy now lower.
So if you are in a long position just hold.
If you are at the sidelines just a wait a bit for better price. I will post in the stock trade when I add .
I tried to calculate the worst case if we fall. All who is overleveraged could close some position now at the open. Just in case not to be stopped out at the blue dotted line
It might be a buy today. I'm fully positioned so not buying, just a short thought....