So, the entire market is taking a big dive, and I think it's actually going to continue.
I actually did a lightspeed analysis last year, you can see it here.
As for Lightspeed, the industry sector index is the QQQ, and it just hit it's overhead resistance. You can see my post linked here, and the picture below.
According to the ichimoku cloud, we're heading down again. We're at least going to hit 33.20. And if we do, we should bounce off that trend line, at least temporarily. However, if we at all end up in 31.XX at anytime, this is going to dive, and we wouldnt' buy it again until it hit it's target of a the lower entry of the pennant. I've got fairly high conviction that what I've shown will happen. However, I havent' done an Elliott Wave count on this, because I dont' have the instruments to make this a truly juicy play.
HOW TO TRADE THIS:
Dont' trade it yet. Even though Lightspeed puts (June/July) would be decent, nothing is confirmed yet! We have to wait for confirmation of the trend line break and retest before shorting, or wait for a significant bounce (and some meaty candles like bullish engulfing etc) and some macro news (APPL / SHOP are killing it etc) before this is a confirmed 'long and ride.'
@gmbluedestiny, No, not yet. But now's a great time because if it drop to all-time lows, you know you HAVE to sell. If it drops below 16.90, then sell.
gmbluedestiny
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@TMoneyBidness Ah smart. Still lots of panic in the market everywhere lol. I’ll continue to monitor for potenial better entry with SL intact. Thanks for your analysis!