XERS wave, long
TLDR: Long XERS above 4.26, expecting dip on monday before move to 5-5.35 by thursday.
XERS has been hype for a few days now, and based on the broader price levels, there's a potential elliott wave forming.
Pattern:
(0) Move started on the 2nd.
(1) Hit this in friday, 4th in AM, so we're lookin at around 2 days per step.
(2) Shorter leg so a perfect retrace would be monday afternoon. 50% is 3.75 and .618 is 3.57. This is also an established support range and a 5-10% short opportunity.
(3) Bounce would hit another level, $5, around the 8th, but if it broke through, would run out of steam by 5.35. Unless shenanigans happen and AMC makes everyone go crazy. 35-40% move over a few days.
(4) Retrace to between 4.30 and 4.60 (38% fib) around the 9th. 14% fall.
(5) High at 5.70 to 6.00
My play:
Depending on Monday premarket, we'll see what happens. A big gap up blows all this out of the water, but I'm in above 4.26 either way with a stop at 3.55. If monday AM is flat or drops, I'm short down to 3.60, and will flip long there and load up with less risk. I like to ride the bottom of bars for my stop, so I'll do that up to 4.20, watch what happens there, and then strap in for the ride to 5. Depending on reversal signals, flip again here and sell lower. I'm not confident in the 5 leg of this random walk, so I'm not planning that entry yet. If every target gets nailed, there's 75% potential to 4, and 130% to 5.
Note: First post on here, and I'd love feedback. Let me know what you like, and what you don't so I can format or plan better in future ideas.
XERS has been hype for a few days now, and based on the broader price levels, there's a potential elliott wave forming.
Pattern:
(0) Move started on the 2nd.
(1) Hit this in friday, 4th in AM, so we're lookin at around 2 days per step.
(2) Shorter leg so a perfect retrace would be monday afternoon. 50% is 3.75 and .618 is 3.57. This is also an established support range and a 5-10% short opportunity.
(3) Bounce would hit another level, $5, around the 8th, but if it broke through, would run out of steam by 5.35. Unless shenanigans happen and AMC makes everyone go crazy. 35-40% move over a few days.
(4) Retrace to between 4.30 and 4.60 (38% fib) around the 9th. 14% fall.
(5) High at 5.70 to 6.00
My play:
Depending on Monday premarket, we'll see what happens. A big gap up blows all this out of the water, but I'm in above 4.26 either way with a stop at 3.55. If monday AM is flat or drops, I'm short down to 3.60, and will flip long there and load up with less risk. I like to ride the bottom of bars for my stop, so I'll do that up to 4.20, watch what happens there, and then strap in for the ride to 5. Depending on reversal signals, flip again here and sell lower. I'm not confident in the 5 leg of this random walk, so I'm not planning that entry yet. If every target gets nailed, there's 75% potential to 4, and 130% to 5.
Note: First post on here, and I'd love feedback. Let me know what you like, and what you don't so I can format or plan better in future ideas.
Comment:
Update. Going a little slower than I expected, but following along nicely.
Comment:
Last Update: 6/11
Bummed out that it didn't continue following the trend because there was a lot of effort put in. On the good side, I'm surprised how well is stayed within the two purple support ranges
Bummed out that it didn't continue following the trend because there was a lot of effort put in. On the good side, I'm surprised how well is stayed within the two purple support ranges