XLP Scoop Pattern Update 2

Price is up nicely since the entry. We made it past the halfway mark at "H" on the chart. Now we were rejected at resistance right at the 200 SMA. This is to be expected. The question is whether to take profits and wait for a re-entry, or hold the position. Since we're coming off the strong Scoop pattern, as explained in an earlier post, I'm going to hold on unless we close below the 8 EMA. Today you can see we closed below the 3 EMA but above the 8 EMA. I'm looking for a small pull back to "respect" the 200 SMA, never close below the 8 EMA, then resume the upward trajectory and break through the 200 SMA. Anything can happen, but that's my expectation if this trade goes well.

Another possibility is to chop around the 200 SMA for a while then take off to the upside. And another possibility is to retrace back down to the 200 EMA (thin white line that goes across the top of the Scoop handle from 12/15/16 to 1/6/17) and bounce back up. Either of these two scenarios will probably cause us to exit the position and re-enter on a resumption of the upward move.