We had our convincing bounce from the lower trendline near to the 400 SMA. I was close to call the bottom a few days ago. But it's still not ready yet. The last bounce was showing weakness. We weren't able to tag nor the upper trendline of the triangle nor the 200 SMA.
We are waiting for an intermediate low at this point in Natty. A rally out of an intermediate low is almost always strong, price should not hesitate to break the trendline or the 200 SMA.
After Friday's close it seems we are attacking the lower trendline again. The plan is the same as it was in the previous idea. The difference is the time frame: we need to buy before 9.11. The cycle cannot stretch longer than that date.
The plan is to Buy between 2.73 and 2.5$. I still would like to see the RSI and SlowStoch become oversold extremely . And we still mustn't break below 2.387$ ( the previous ICL). I modified a little bit the lower trendline : the last drop was just a false breakdown.
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The party is starting.
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It's clearly breaking out today. 10.09. was the date when it was a buy. Just as the title said: buying before 09.11. Unbelievable who cycles are working here...
Panic sales ARE REQUIERD for getting the buying level between $2.73 and $2.5.
Any update?
Roach
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an amazing forecast! I am appreciated for your post.
tradebyday
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Holding the bag on the wrong side. Any suggestions? Your thoughts on a pull back?
bertcoin
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Bummer. Was waiting for a price, not the date....
bertcoin
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Had an UGAZ order in Sept 8 (the low!!!) that missed by a few cents.... Oh well. That fish got off the hook....
faronf
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Are we gonna have any retrace opportunity to buy a long position? or do you see his as the beginning of the seasonal move?? Like to get in, just not sure where...
faronf
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Hi Arpi, also curious as to your analysis on oil, are we seeing a breakout there too? sorry to mix posts...
bertcoin
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@faronf, I went long ERX based on the cycle in oil a few days ago, so IMHO, yes. Some cycle guys looking for a close above 50.50 to confirm but for me that was too late....
faronf
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@bertcoin, thanks.... I might look at getting in tomorrow.
bertcoin
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Well the wedge on my chart just opened up to a consolidation channel under the 200 MA. 4 tags since a DCL. This is like waiting in line at the drivers' license bureau.... (Humor) youtu.be/8JtrLvM0etg
Any update?