We ended the day with a constructive looking chart. We formed a Morning Star Candlestick pattern. However, its not as meaningful with Stochastics in the mid-range. But we may have formed the beginning of a J-hook pattern that continues the AB/CD pattern (see the thick, white, angled, diagonal lines).
We closed above the 8ema, and all the MA's for that matter. We also closed above the consolidation area I've been talking about, which supports the original thesis from the first post in this thread "The simple thesis is we're going to bounce off the consolidation and make a substantial move upward."
We're still under water relative to the average entry price, which is (577 7/8 + 565)/2 = 571. Today's close was 561 1/2. The target is 619. So, we still have a long way to go, but we seem to be more on track than any other day in this trade.
So, of course we're holding the position. Since the AB/CD projection is 600.75 and the 1.272 Fib extension is 593, we may adjust down the target when we get close to that range.
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