Possible stop below 44 or below C. This one went a bit parabolic during it's rally up, so volatility is indicative of a stock who has been parabolic recently. It has retested C several times, if it drops too far below C, I would have a stop in place.
If you wanted to, you could extend the AB leg down and through that gap. The AB leg is already 118.13 where I started the AB leg..C is like a landing pad and if that support is broken it is bad news cos we may have a new C that is lower..just never know..
You can multiply 118.13 by the fib levels .386, .618 and .786 to get your tagets 1. 1 and above, 1.27 and 1.61 are often T2. I just used the built in auto fib on here and have found it is not very correct )o: Sometimes it is good at finding C though. But it is good to practice calculating targets..cos what you gonna do if you do not even have a target in mind?? This should be part of any trading plan and nothing is written in stone. sometimes targets do not come..but when they do, it is rewarding. I feel a lot better getting out with a profit and try not to beat myself up for missing some profit like I did on GSX.,,I sold when it was overbought on daily, weekly and monthly with RSI on 80 for overbought zone. This market seems a bit irrational..teetering..
Long entry is a break of the BC leg with an uptrend and I do not see that yet. You may. Long entry level can be subjective..Price is pretty close to C..if this is indeed C..
Technical analysis is not an exact science by a long shot..Patterns morph frequently..
Someone mentioned this to me so I looked. Thx for the heads up (o:
Not a recommendation
If you wanted to, you could extend the AB leg down and through that gap. The AB leg is already 118.13 where I started the AB leg..C is like a landing pad and if that support is broken it is bad news cos we may have a new C that is lower..just never know..
You can multiply 118.13 by the fib levels .386, .618 and .786 to get your tagets 1. 1 and above, 1.27 and 1.61 are often T2. I just used the built in auto fib on here and have found it is not very correct )o: Sometimes it is good at finding C though. But it is good to practice calculating targets..cos what you gonna do if you do not even have a target in mind?? This should be part of any trading plan and nothing is written in stone. sometimes targets do not come..but when they do, it is rewarding. I feel a lot better getting out with a profit and try not to beat myself up for missing some profit like I did on GSX.,,I sold when it was overbought on daily, weekly and monthly with RSI on 80 for overbought zone. This market seems a bit irrational..teetering..
Long entry is a break of the BC leg with an uptrend and I do not see that yet. You may. Long entry level can be subjective..Price is pretty close to C..if this is indeed C..
Technical analysis is not an exact science by a long shot..Patterns morph frequently..
Someone mentioned this to me so I looked. Thx for the heads up (o:
Not a recommendation
Note
I bought a little of this..has burned me before..ouch! got stuck in an "Let"s tank every IPO" day and did not think the bottom would ever come! Thing is these IPOs often do not have enough trading time to have strong support..so on sell offs they do a free fall type thingy and I do not like it..sceery..You look at the chart on some IPOs, and do not even know where to place a stop! Like there is a one candle daily support here and big whopping 2 daily candle support somewhere else! Makes it difficult and to be honest, I am surprised I did this..I feel okay with C/looks solid, but who knows?..
Life is short and living life without taking any chances at all (like going outside without a mask :o) is like not ever living at all
Note
PCZ/point of completion zone, usually has at least one retest if not more and is how you can "guess" it is there/volatility occurs at the PCZ and can be expected.. If it goes too far below/get out (o:Note
C is gonna be lower )o: Looks like 43 would hold..maybe. Hard to guess in this market. The market will remain irrational as long as we are solvent and volatility appears on it's way upNote
Finally found C!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.