SQ looking like it wants to at least put in a 3 wave move to the upside. Right now it is sitting above 30 week MA and AVWAP support.
Looks like it put in an ABC correction already, and either is going to launch on wave 3, or is looking to put in a 3 wave move to the upside, before more downside occurs. Either scenario and I think SQ is going to be back in the mid 260's soon
NOTE: the extreme bull case is depicted with arrows, that is assuming bottoms in.
How to trade this: dips are a buy, with stop loss on a break of the 30ma / avwap support. I would consider taking most $ off the table after a clear 3 waves are seen to the upside (relatively good chance we see just and abc move to the upside here to put in an X, before we flush for a Y)
Looks like it put in an ABC correction already, and either is going to launch on wave 3, or is looking to put in a 3 wave move to the upside, before more downside occurs. Either scenario and I think SQ is going to be back in the mid 260's soon
NOTE: the extreme bull case is depicted with arrows, that is assuming bottoms in.
How to trade this: dips are a buy, with stop loss on a break of the 30ma / avwap support. I would consider taking most $ off the table after a clear 3 waves are seen to the upside (relatively good chance we see just and abc move to the upside here to put in an X, before we flush for a Y)