Market just finished Elliot wave 1 to 5 downwards, we just hit our buy zone, we can either entry now or wait for a pullback back to the entry zone to get better R/R ratio, but we might miss a trade since market might not pull back.
Indicators:
AROON: On a weekly chart it is still showing a bearish momentum, but indicators are slow to catch up and lag, so...
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$BIG broke the pivot last Friday with high volume. RSI is also over 70.
12 months Consensus Price Target: $38
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I am waiting for a breakout in one direction or the other, on the daily, which you can see below.
On a lower timeframes I am expecting a downward move and the upward channel/bear flag support line retest.
Remember, that we are trading confirmed breakouts only, and after a pullback, so that we could have a nice risk reward profile.
I am somewhat short biased,...
The price created a large gap and this trading setup suggests that it will more likely be filled. There is a strong daily support level at 46.46, where most of the buy orders are placed. Plus, that is the best area for previous sellers to lock their profits. Those scenarios will push the price up. In addition, the market completed the Gartley pattern that...
