Theorizing a couple different scenarios where I would consider long entries.
a. breakout/retest of downtrend
b. fill out formation and long on the break
c. wait for consolidation at 2.00 level and hop in when starts to curl up
So, this chart looks fantastic for continued moves up. We can play with relatively tight stops and see what happens. I'm looking for another breakout of this range and see if there is some follow through.
If $SPY decides to tumble it may hurt this trade, but as it stands it looks fantastic and hasn't had much of a rejection during recent minor selloffs.
Watching to see if price action can flip above these MAs and break downtrend up. Ideally another several days/weeks of sideways consolidation, then MA flips to support. Finally, take this puppy long for the next leg up.