Technical Perfection to Behold...

Aug 13, 2017

Technical trading just does not get any prettier than this... Note how the wave-3 of WAVE-3 hit and turned at the intersection of the 1.618 and the 100% of WAVE-1. A thing of beauty. That small pull back into wave-4 was your last entry into this impulse. Now we've hit and stalled at the 1.618 target of WAVE-3. "If" we start to retrace here, a pull back to the lower edge of the channel would be a gift from the market gods. We could just keep rolling but it's a reasonable expectation that we've topped temporarily. Now is the time to be patient and sit for the entry that offers the right risk reward. If you're long, this is a good time to tighten stops. If you're a raging bull with a "HODL or die" mentality and willing to give back up to $500 of your profit, your opportunity to add is at $3,500. Just a reminder, FOMO is your enemy. Wait for your pitch.

And as always, stay technical my friends...