While had to update my count for blue 5 slightly, the price guidance was pretty spot on. The low of the day was 25.20 and then from there I count 5 small waves up into red 1 and then 3 small waves back. While it is not required, a gap up on Monday would lend additional credence to this model. The minimum bounce I expect here is to $32 or $33.
If this model is correct then it should stay above red 2. This is a fine place to set your stops. By the way, stops do not mean that you need to stay out . I use them as a check point. What did the chart do that got me to the stop? Can I see a way to count it bullishly? If so then I can step back in, often times with smaller size to match uncertainty that might be present for having stopped out.
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