Here is why I go long here: 1) Perfect GARTLEY harmonic pattern 2) We just touched the 200 MA which will now act as a strong support 3) RSI just went oversold
Take profit: 24700 Stop loss: 23500
All the best
Trade closed: target reached
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At this point I suggest closing 75% of your positions and let the last 25% float freely - we may be retesting ATH in the next few weeks.
While this a perfect setup, having taken the Wolfe Wave course, two decades ago from Mr Wolfe along with Larry Peservento's book on this, confirmation is a volume spike on the last bar that is higher than the previous bar or this coming Monday's bar, essentially exhaustion selling.
Furthermore, although you have the classic take profit point at 68% retracement, Wolfe Wave actually gives a target at the previous high or at worst Point C, so you should take half profits and let the rest ride up to C, take another half profits, then aim for the prior high which should be reached in late April. This takes some trend lines to demonstrate, but follow it and find out.
Roger
lucamodena
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@rph2750, very reasonable hint, much appreciated ! let's see what Monday wil bring us. Cheers!
Furthermore, although you have the classic take profit point at 68% retracement, Wolfe Wave actually gives a target at the previous high or at worst Point C, so you should take half profits and let the rest ride up to C, take another half profits, then aim for the prior high which should be reached in late April. This takes some trend lines to demonstrate, but follow it and find out.
Roger