Below is the current chart of just the zoom in of the retracement wave. Importantly, this includes the extended trade hours because I have noted that they can sometime be important on these fast moving triples.
The blue vertical is the length of wave A and it suggests a trip all the way down to the 50 fib if not slightly below to the $8.35 range. I can also see an alternate count where the 61.8 fib is touched.
So I am sticking with the models above which I did long before regular trading opened.
OK, let's recap here a bit. On Friday, I am documented as bailing out at $10.20 with a pullback target of $8.38. The last trade of the extended trade so far is $8.62. Tomorrow we should know quickly whether or not this model is likely correct and perhaps I am waiting too long to get back in here but I'd rather forgo a little profit than lose any of what I have. So I am staying on the sidelines over night with the hope of getting back in this in the pre trade tomorrow in the $8.40 range. Additionally, I will not be shocked if this does a 61.8% retrace on me and please keep in mind that while GDXJ put in a bottom on the 27th and the low of the 11th counts as a 2nd wave, JNUG actually put in a slightly lower low on the 11th and so the current wave is its 2nd. We know seconds can be deep vees. For all these reasons, I am likely erring to the side of caution and staying on the sidelines overnight.
A move above $8.80 tells me I probably guessed wrong and that the next wave up is happening.
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