Expecting Eventual Breakout
Bullish on this because of its own pattern and also the strength in the SP500.
It is in a flat top ascending triangle consolidation, looking for that pattern to complete then break the flat top resistance line with the starting 1 wave of a 5 wave bullish elliot impulse. The 2 wave of the impulse might tag the top of the flat top triangle which would make a great swing trade since it would be the start of the long 3 wave.
Overall looking at this with bullish bias for intraday trades. In near term a test of 1524.1 has the potential for a great swing trade north.
It is in a flat top ascending triangle consolidation, looking for that pattern to complete then break the flat top resistance line with the starting 1 wave of a 5 wave bullish elliot impulse. The 2 wave of the impulse might tag the top of the flat top triangle which would make a great swing trade since it would be the start of the long 3 wave.
Overall looking at this with bullish bias for intraday trades. In near term a test of 1524.1 has the potential for a great swing trade north.
Comment:
Stocks are accelerating to the down side, I'm not really looking for longs any time soon.
