PT_Marche

Watching for small Long on Lowes

Long
NYSE:LOW   LOWE'S COMPANIES INC
Liking the set up playing out here. With this move up into some resistance / supply but also getting above a shorter time frame downtrend line, I'm liking the potential Elliott wave count here and projected fib retrace and extensions based off the potential count.

I'll look for price to come back down to around the $160 area. Volatility is really low right now, and if it stays that way, debits are way to go as option premium will be cheap.

If price can come back down to 160 and hold/find support there, I'll enter a long play with a price target of $175 area.

My stop loss will be if price puts in a lower low below $157.13. If it falls under that price, I'll look for small bearish play, as I believe it will possibly go and try to close the gap down around $150 - $152 price range.

For right now: I'm waiting! But alerts will be set!
Comment: Count still looking good; currently price is in a small supply zone indicated by the grey box. Good spot to take off some/lock in profits and leave a small play on.

If price can't establish above $170, I'll look for pullback to $166, potentially indicating a small wave 4 and then indicating push up for a small wave 5.

Comments

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