We just tagged the two harmonic targets discussed yesterday: the 1.618 of the smaller, red pattern (from 1334 to 1266) and the .707 of the larger, purple pattern (1422 to 1266.) In so doing, we’ve gone about as far as we can within the (red) rising wedge here at 1377.
The wedge must either break out or break down. They usually break down; but, either way, it should be enough of a move to flesh out the small (purple) channel some.
The trend remains up, but I will look for any weakness to scalp a few points on the downside, with an objective of 1367 and stops at 1380. Absent any weakness, I’ll hold long. Prices often move sideways just prior to options expiration day.
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