Price seems to have broken out above the zone of 100.
I'm expecting a move up from these levels to retest prev swing highs. Let's see how it plays out.
Below 80, long view is negated.
As suggested in the morning at 07:07 Hrs in the previous update Heading towards 118-121 zone.
Click the chart below & use load bar feature to plot future bars
Either One Should Buy Above 107 or In Pull Back in the zone 75-80 against 66.85-key level -breaking of that level shall invalidate complete set up or wait for pullback & later buy above 100 if sustained on the upside.
This is how we moved in 2016
Seller's Paradise 81-83
Closer look into the zone 71-73
Bang On Target-71-73--- Box Visited
Double Bang...
It all started when I wrote about this stock with seller's paradise 81-83. We saw the fall in the range 71-73 (As per closer look)- which was internal ii-wave & later explosive move iii-wave then pullback to 85-86 in internal iv-wave & finally v-wave at yesterday's high@96.75.
I have shown by arrows how we travelled in internal waves back to back.
What Next
On...
Trading at 92- as expected, we have corrective wave down from 93 -got it & later a bounce to 92-93 zone likely we can extend but a safe trader should lock in their profits.
I am looking for a zone 95.50-97 where wave -v will measure equality to wave-i
As expected from 93 highs we are looking for some correction in the zone 85-86. Vow- GSFC made a low@85.10. Price action looks very strong from top so i won't deny new lows as well below 85.10 but this is all corrective & likely it will shoot up beyond 93 levels.
Here we kissed internal iii -wave at 93.30-93.50 zone.
Double Bang On - FIFO
Bang on Target - Visits the box 71-73
Closer look into the zone 71-73
Seller's Paradise 81-83
GSFC has breached its long term resistance range between 85-91 this week with huge volumes as can be seen on the weekly charts. Looks set to test its all time highs of 120 soon. The stock can face a slight bump at 100 levels though.
Vow- as expected in a previous update that it will likely kiss the box shown & we shall wait for a bounce from the zone.
Here we go- GSFC is trading at 74+ - This is called FIFO- (First In- First Out).
Closer look into zone 71-73
Seller's Paradise Zone 81-83
GSFC had a gap between the zone 71-73 as shown by the thumb. Likely, Price could go in the zone 71-73 to fill the gap.
Unless, Price closes below Gap -one should not think of selling because gaps could be the dynamic support for the market.
If GSFC goes into that zone of 71-73, Traders should watch price action keenly to see the bounce from that zone -once...
GSFC has been going into seller's paradise 81-83 for 1 year. The first attempt was in July2015. Second attempt was in June2016. So, one should be careful if you wish to add GSFC to your portfolio- one can do that only if paradise zone 81-83 is taken out sharply to the upside.
Till then
Trading Strategy-
Once the falling trendline gets breached trader can...
