I am looking for a $19.1~ area target to the downside. Small stop for news risk. It has broken out of range to the downside before but quickly recovered. I plan on reversing this position to a long at some point as I believe the November data will be weak and will therefore remove the possibility of a near-term taper.
The horizontal yellow lines are the retracements from the August 7th low of $19.10 and the August 28th high of $25.12. It saw a consolidation within the current levels before rallying on the past news of continued stimulus.
The horizontal yellow lines are the retracements from the August 7th low of $19.10 and the August 28th high of $25.12. It saw a consolidation within the current levels before rallying on the past news of continued stimulus.