The primary count ignores w3 and says that blue 1 broke out of the channel but could not hold and so fell back through into blue 2 but now 1 of 3 broke back out and then back tested from above. If this is the right model them either it heads up from the open (red path) or it goes up a little and then comes back down for a full kiss of the falling orange rail (blue path).
It is also possible that a small first wave broken into the channel then back tested down to $26 then crossed the whole body of the falling wedge in wave 3 (marked green w3) and then back down into the channel only to break out again during 3 of 5.
If the latter model is in play, the pullback into blue 2 could be deep vee still down to fill the gap at 26.80 so be sure to us stops here. In general, a gap up at the open will be immediately bullish but a move down should be considered a wave 2 pullback that will eventually smash its way out during wave 3 up.
Stop out at 28.79. If you get stopped out get back in above 29.60 OR hope like heck that they give you a $2 discount down to 26.80. In any case if we are still working on B or 2 or C of 2, just wait 5 waves down for c to express itself before getting back in but be sure to be in JNUG for 3 of 3.
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