At first it looks like this was going to be a failed triangle, but now it's looking like it wants to retest the Feb highs (call it 960+); uptrend from march seems to have recovered after a head fake.
Comment:
Just noting that this move/triangle can also be viewed as a large Cup-n-Handle formation. If so, this could move quite a lot higher than just retesting the high. I'm using $800-$350 (handle to cup bottom delta) = $450 as the potential gain above the handle. $800+$450 = a ridiculously high $1250. Could have some bumps getting through the 960-1000 level.
Comment:
today I close my 870 calls and opened some 1030 and 975 puts (jun 12). again, too far too fast here; would like to see the gap fill to ~~ 950-960, though the 1000 number could act as a magnet. still has significant upside potential, but i'll wait for a safer setup to go long again.
