Target hit! Our target was 869 at the 50% Fibonacci retracement. The precise Fib number is 869 1/2 but we usually shade the target by 2 ticks to account for the Bid/Ask spread and sometimes targets are missed by just 1 or 2 ticks.
I think this chart can go a little higher or maybe even a lot higher. But we closed above the upper Bollinger Band, on high volume, and overbought Stochastics. Plus we're close to a previous swing high on 4/13/20 that we haven't approached before. And the 50% Fib is itself a typical level for a rejection. All these indications are saying don't be a pig. Remember Bulls make money, Bears make money, but Pigs get slaughtered.
So I let the target take us out and captured the profits, and thereby also removed the risk. The plan now is to wait for a pull back to hit bottom and start to reverse back up, then evaluate the situation and decide if there's a trade worth the risk.
Profits are 869 - 847 1/4 = 21 3/4 points *$50/pt = $1,087.50
Very nice win!
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