It's been awhile since Penn dropped to a .5 retracement. Is El Presidente's sex tape tanking Penn, forcing it to break below a .382 retracement destined for .5, or is it just a natural retracement paired with awful timing of an illegally released tape? It looks to be the latter and unfortunately adds a little extra insult to injury. I'm not sure Penn will hit the .5 retracement due to the recent S&P inclusion.
My best read of this chart it that the inclusion will allow Penn to delay it's due retracement. I've reconfigured my chart from the one I posted on March 13 hopefully creating a more precise characterization of this equity. There still is a good chance this falls to the .5 retrace, before it takes off again. If it does, it will be an excellent jumping pad!
My best read of this chart it that the inclusion will allow Penn to delay it's due retracement. I've reconfigured my chart from the one I posted on March 13 hopefully creating a more precise characterization of this equity. There still is a good chance this falls to the .5 retrace, before it takes off again. If it does, it will be an excellent jumping pad!
Trade active:
.5 retrace complete. expecting a large movement to around 110 before returning to the .382. There is a possibility of hitting .25 before retracing back to .382. Once .382 retrace has completed, I expect 2-4 weeks of consolidation before shooting back to 0.
