I think the cycle low is already in around the 200SMA on daily chart, after a big ABC corrective pattern and divergence on MACD, we might or might not break the previous top. The trade was confirmed with today's breakout with solid candle and high volume. Way overbought on 60min chart, that is usually the sign of turning instead of correction. I entered my long position at 200SMA, but took it out since the start is really slow and I think the low should be revisited. After today's rally, the possibility of revisiting 200SMA in short time is low. We might see $73 soon. Those sellers who still hope one more low will face the reality, probably next week or early September. I will add my long once I saw a 4 hour correction.
Comment:
Not bad today. I will add my call option if I see correction for 1 more day above the downtrend line.
Comment:
I think $1 to go before the 4hr pullback happens.