While this could take a bit of time still to play out. this has an incredible setup. needs a strong break of the 271 area and needs to hold. a few key areas:
anchor vwap from recent key low(from bounce off major anchor vwap support): support is around 235 area
Major anchor vwap support from the bottom set in July is in the 180 area
Here are my thoughts on this:
-It is likely we at least test 271 area ( if anything a nice little scalp from here).
- We need to see serious Consistent buying at that 271 level to break and hold.
-Be prepared that this could fail and pull back hard for a bit of time before attempting again in this case we would either have a quick bounce off the 235 area or consolidate then test lower before hopefully bouncing.
-If we have the lower test the absolute max pain before calling this pattern dead would be the 180 area. if it breaks that I wouldn't hang around any longer.
Trade on your own not my advice:
Extra notes: I will not hold if it breaks the 235 level, I will short it to the 180 level and buy back then with a very tight stop loss.
anchor vwap from recent key low(from bounce off major anchor vwap support): support is around 235 area
Major anchor vwap support from the bottom set in July is in the 180 area
Here are my thoughts on this:
-It is likely we at least test 271 area ( if anything a nice little scalp from here).
- We need to see serious Consistent buying at that 271 level to break and hold.
-Be prepared that this could fail and pull back hard for a bit of time before attempting again in this case we would either have a quick bounce off the 235 area or consolidate then test lower before hopefully bouncing.
-If we have the lower test the absolute max pain before calling this pattern dead would be the 180 area. if it breaks that I wouldn't hang around any longer.
Trade on your own not my advice:
Extra notes: I will not hold if it breaks the 235 level, I will short it to the 180 level and buy back then with a very tight stop loss.