EL short: mean reversion to monthly trendline
Updated
EL has broken out of monthly trendline and formed a new steeper trendline. The steeper trendline has broken downward and monthly trendline will be re-tested.
Note
Trade should be taken tomorrow morning if new lows are made vs yesterday.Note
No new low made / trade cancelled for nowNote
glad we didn't take that trade, new ATH todayNote
6/18 daily bear div completed and weekly bear div on progress. Should have seen that 6/18 bear div it could have been a short opportunity. Now we should watch for a H&S forming with neckline around 147.6, could be a short opportunity.
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