$SQ - not looking too great, yet, but soon BTD
Square, not looking too hot after Friday's sell off, but lets discuss what we are seeing.
So anyone who follows my postings knows we took a trade on square during the initial zig zag down and caught fire on the bounce back into the 260+ range. Unfortunately we flushed into a complex correction, but was able to grab profits on the run up to have a free position. So it still worked out. But now where is it going?\
Well the bulls have this last zig zag completing wave 2 down, but that doesn't look likely.
At this point, due to Fridays action, it appears we are in a nested WXY within wave Y of this wave 2 correction. WHAT??? What does that mean? That means that we likely are going to see 1 more zig zag down ( we are in wave A of it now) that is likely taking square down to 216 or so a share. From there we will find wave 2 bottom and then there should be fireworks for sq hitting a primary wave 3.
IMO this will be a BTD if we flush down to the 220 range again
So anyone who follows my postings knows we took a trade on square during the initial zig zag down and caught fire on the bounce back into the 260+ range. Unfortunately we flushed into a complex correction, but was able to grab profits on the run up to have a free position. So it still worked out. But now where is it going?\
Well the bulls have this last zig zag completing wave 2 down, but that doesn't look likely.
At this point, due to Fridays action, it appears we are in a nested WXY within wave Y of this wave 2 correction. WHAT??? What does that mean? That means that we likely are going to see 1 more zig zag down ( we are in wave A of it now) that is likely taking square down to 216 or so a share. From there we will find wave 2 bottom and then there should be fireworks for sq hitting a primary wave 3.
IMO this will be a BTD if we flush down to the 220 range again
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.