benjihyam

$LLY look out below $265 bottom coming soon

Short
benjihyam Updated   
BATS:LLY   Eli Lilly and Company
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.
Comment:
Bought LLY 07/19/2024 750.00 P yesterday at $.35

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