Sunday, April 29, 2018

[RGR] update

I recently provided the chart below for arms maker Ruger (ticker:RGR):

Current actual is below.  You can see that it now trades at $56.40 which is a very nice move up from the $49.20 price given above.  With that said, the short term wave count has opened the door to one more pullback as shown in blue below.  The odds of continuing on per the original red path vs pulling back per the new blue option are not much different.  We (as in my and my subscribers) will know pretty quickly next week how this is going to play out but right now the trade is ambiguous and so the recommendation is to take the short term 15% profit and then wait for the wave to either peak near the red arrow or to break out and create 5 waves up from the recent bottom.

As I always tell my subscribers, long term predictions can carry more risk than short term ones which is why my trading motto is to drive for show but putt for dough.  Most people would be thrilled to make an annual profit of just 15% but RGR just made that in a month for my subscribers and for any of you who traded with my wave count.

I'm hoping for the blue pullback because if it happens then it will be a better setup for the run to well over $100.

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