For a safe entry, wait until we close above the red downtrend line. Stops below the bottom yellow line.
Comment:
We've witnessed a break in the uptrend toward point Z. Two scenarios could occur:
1. STR regains strength and hits target
2. A head and shoulders pattern is forming
Here's my strategy- If we go down to the support line from here, I'd bail. We could see a big movement down to .006. If you can buy at the point, man...what a steal. Or, we could continue moving up. For short term traders, be ready to sell at .029-.03.
Or the less stressful strategy is just to hold. We're going to see a .10 STR soon I believe.
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1. STR regains strength and hits target
2. A head and shoulders pattern is forming
Here's my strategy- If we go down to the support line from here, I'd bail. We could see a big movement down to .006. If you can buy at the point, man...what a steal. Or, we could continue moving up. For short term traders, be ready to sell at .029-.03.
Or the less stressful strategy is just to hold. We're going to see a .10 STR soon I believe.