On the above chart price action has corrected 30% since late September. A number of reasons now favour a long position, including:

  1. Price action and RSI resistance breakouts.

  2. Trend reversal. Higher highs higher lows.

  3. Support on past resistance. (yellow arrows).

  4. The bull flag confirmation forecasts an 80% impulsive move.

  • Is it possible price action corrects further? Sure.

  • Is it probable? No.

  • Type: trade

  • Risk: high

  • Timeframe to long: this week

  • Return: 80%

$ALT