LLY looks like it's topping up here. Anytime you see a chart that has gone straight up like this, you know the fall is going to be painful.I think we'll top within the next week or two and then we're going to start the bear market that goes all the way down to $265 before it truly bounces.
Why do I think this? If you create a parabola, price is starting to break through it which means we're likely to see a 80%+ correction once the trend changes.
On top of this, RSI is in extreme overbought territory.
If you're long, I'd set stops where you're comfortable with gains because once this move down happens, months worth of gains will evaporate.
Note
Bought LLY 07/19/2024 750.00 P yesterday at $.35
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.