BBOZ getting boozed-up
Updated
With markets only recently turning kaput, and the "crisis" looking inevitable, I am long on BBOZ. This ETF is not for the faint hearted and has significant bleed, but more the risk, more the reward.
At a broader perspective, I am looking for at least a 100% upside from the bottom, which I feel was reached at $3.15. This is based on previous reaction of BBOZ during COVID downturn, which I feel is a minimum market reaction that we would see in this crisis.
In the short term I am looking at the Elliot impulse wave. I see us in wave 3 currently, which ends at the trend line. I am seeing the impulse wave ending after filling the first gap @ $4.35 area.
I have had a bad entry in to this in October (where I was feeling the market to turn - obviously how wrong I was), but have been vested since. Let's see how this goes.
DYOR and trade at own risk.
At a broader perspective, I am looking for at least a 100% upside from the bottom, which I feel was reached at $3.15. This is based on previous reaction of BBOZ during COVID downturn, which I feel is a minimum market reaction that we would see in this crisis.
In the short term I am looking at the Elliot impulse wave. I see us in wave 3 currently, which ends at the trend line. I am seeing the impulse wave ending after filling the first gap @ $4.35 area.
I have had a bad entry in to this in October (where I was feeling the market to turn - obviously how wrong I was), but have been vested since. Let's see how this goes.
DYOR and trade at own risk.
Note
We didn't quite run the Elliot waves I was expecting, but the larger idea is still valid. I'm looking at inverse H&S now. Break of 3.85 area will see significant market downturn.Note
The inverse head and shoulder is very much on! We had a confirmed divergence on 14-Apr candle.Note
This is going really well so far, looking to reach the neckline this week.Note
This is a third time support on 4hr at 3.37 area. Looks ripe for an impulse push up from here.Note
Going good on the H&S pattern!Order cancelled
The H&S pattern is not valid anymore.Note
Amazing, just when you pull the plug on the analysis, it seems to come alive. I'm not too sure what to make of this at this point. On the weekly it still seems to be keeping the pattern. Enjoy the ride if you are in it or just watch on the sidelines. If it breaks the neckline, it is on like donkey kong!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.