Mid-Day Update: Getting into the Bottoming Zone
Based on today’s trading so far I’m moving our first clue target down from $106 to $103.59. With bottoms, we want to see price act decisively off of support and rally in 5 (micro) waves. Micro analyzing is best done on a 3 minute chart.
We have some support in the area of $99. 40 and then $98.60.
A bounce off support, a breach of $103.59 in a micro 5 wave structure and I think we can confidently say we are acting more so like we’ve bottomed. Until then we await to see what price will tells.
——————————————————————————————————-
IMPORTANT NOTE: If we now take out $111, DO NOT SELL EVEN FOR A TRADE. This will move to the upside fast, and with little retraces. YOU’VE BEEN WARNED.
——————————————————————————————————-
Best to All,
Chris
