This is in a topping area of a "B" wave. I expect a decline to the lower black channel as illustrated on the chart... Price is currently in-between fibs .5 & .62. Could get a little tricky. A trendline break approach would be prudent IMO. See chart below...
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Be prepared for something like this to occur
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Update...spike to the top Notice fib level
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We're at the anticipated area.... May want to get a trendline in place.
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I think that should do it...
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It appears this could be resolved ending in a diagonal... Still looking for confirmation on the weekly. .786 fib at 296.50.
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Taking shape.... Area of interest 295..ish
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The dreaded head and shoulders.... Looks like a top. If it breaks the channel that will be further confirmation.
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Continue to be an observer... Looking for sell set-up at Fib cluster below
Nice look. It might even be done now to trap Bulls with their $300 PT. Similar to 3&4 in 2018 and 2019.
oliverrathbun
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@TheKitchenTrader, Personally, I'm giving it a wide berth. Strong stock in a strong sector in a market that may(?) be moving into an up phase. Diagonals can fool you into a false sense of security, BTDT. Looking for a definitive topping signal. LT structure appears to be pretty clear. That's my attraction to a short trade in this case. Good Trading to you. Thanks for your input.
TORNADOF5
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hey , any idea about this ?? HALO stock on month even more crazy look LoL
oliverrathbun
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@TORNADOF5, I have a rule... no shorting biotech companies... too much risk. (I'm assuming this is a biotech?) Overnight you can be ruined. On the buy side it's not at an actionable price.