"I suspect that the down sloping channel will be resistance as the market has gotten used to big drops in these shares. Thus, I think this will pull back the 61.8 fib of the recent rally from lower rail to upper and that happens to fall right at $100, a nice psych support and potentially mid channel if it happens quickly enough"
Notice I have not posted on it since then. But wave C of 2 is now very nearly complete and so it will be swooping time within the next couple of days. This is a quality company and it is now bargain priced. If you are a buy and hold person, buy this and hold it as soon as 2 is complete. Inflation is about to hit the natural gas scene. I think people are going to look at the coming interest rate breakout and think it means inflation is here.
Zooming in, it looks like that 61.8% fib is in fact the target. That is when wave 5 will be = in length to 1. The subwaves of this C wave are so clear there is barely need to label them. It might overshoot and close that tiny gap at $99. But after that it's off to the races. Remember, the coming wave will be 3 of 3. For those people considering my paid trading service, this is what I mean by target of opportunity. When would you ever have found this on your own? Hitting these shares right as wave 3 is about to take off while giving you very limited downside due to the intelligent use of stops means high opportunity for profit with well managed risk. If you have not been winning on the leveraged plays that I day trade for myself it is probably because you do not have the time to stay on top of it and they move so fast that they will scare you out at the bottom. The time decay factor is also a problem. So maybe you just need to slow down a bit and try something like CLB which has no time value in it and which is a real company in a growth field like nat gas.
Cap'n,
ReplyDeletePlease describe your paid trading service, am excited to hear about you doing this!
Steven B.
Capt. how's feedback on paid service ? I'm keen to be involved in this. I'm based in NZ so often trades are middle of night so a service like this will be great. Will drop you an email so that you have my contact details. Keep up the outstanding work Cheers MackaNZ
ReplyDeleteMacka and Steve,
ReplyDeleteResponse so far exists but is low. People will pay $10 per trade but 0 dollars, it seems, to get some insight into the future. So this is not going to become a primary income source at present but I would still like to push forward and start something to give it a chance to grow. All this means is that it will be slower to come out with less up front features than hoped at first. Thanks for your interest and please email me at captainscharts @gmail.com so that I can add your names to my database of those who might be interested in a paid service if and when the free stuff goes away.