SOXL Bullish Elliot Wave Exit into Correction Pattern?
I feel like I've seen this pattern before on this chart.
It's hard to bet on a continued rise up from here, even with all the tax reform talk and earnings season around the corner. It's been an incredibly good rise. My best guess is that this enters a correction pattern back to main trend line.
This is my first published idea so take it with a grain of salt.
Constructive comments certainly welcome as I'm still learning how to read charts.
It's hard to bet on a continued rise up from here, even with all the tax reform talk and earnings season around the corner. It's been an incredibly good rise. My best guess is that this enters a correction pattern back to main trend line.
This is my first published idea so take it with a grain of salt.
Constructive comments certainly welcome as I'm still learning how to read charts.
Trade active:
Last Elliot wave up lasted about 38 days, fell hard on day 39. We are currently on day 37 of the current Elliot wave.
The last impulse wave on the last Elliot wave lasted 15 days. The decline was fast on day 16. We are on day 14 of the last impulse wave on the current Elliot wave.
I'm guessing we might see some action tomorrow (10/13) or Monday (10/16) but willing to hold a little longer until Wednesday as long as the price doesn't keep going up.
My charts show SOXL hitting above 133.00 but I wouldn't be surprised if we fall short or over-shoot it. I'd say watch the price action closely the next couple of days and jump in SOXS when you see confirmation. I intend to watch volume for confirmation of a correction. There is always a chance that SOXL keeps going up too which is why I recommend watching closely.
I personally bought SOXS too early and will try to double down at the right time. As for a stop loss, I'll likely throw in the towel if SOXL passes 136.00
The last impulse wave on the last Elliot wave lasted 15 days. The decline was fast on day 16. We are on day 14 of the last impulse wave on the current Elliot wave.
I'm guessing we might see some action tomorrow (10/13) or Monday (10/16) but willing to hold a little longer until Wednesday as long as the price doesn't keep going up.
My charts show SOXL hitting above 133.00 but I wouldn't be surprised if we fall short or over-shoot it. I'd say watch the price action closely the next couple of days and jump in SOXS when you see confirmation. I intend to watch volume for confirmation of a correction. There is always a chance that SOXL keeps going up too which is why I recommend watching closely.
I personally bought SOXS too early and will try to double down at the right time. As for a stop loss, I'll likely throw in the towel if SOXL passes 136.00
Trade active:
The trade is still active. Low volatility, but the momentum seems to have shifted towards the bearish side. Inverse head and shoulders showing on the 30 min chart for SOXS.
Trade closed: stop reached:
Semis are on drugs with earning season here. Stop reached. Will look for a better environment to attempt SOXS.