THESIS
MARKET
NASDAQ in a confirmed uptrend, price above a rising 30W MA.
5 and 10 day breadth ratios above 1 suggesting demand in control.
12 week breadth ratio 0.78 but improving suggesting market in transition.
VXN below 30.
STOCK
BULLISH STRUCTURE
Price above a rising 30W MA.
RS above the zero line, trending up and near ATHs.
Price moved 56% before consolidating.
Consolidation is 29 bars in length (almost 6 weeks).
Price above the 50 SMA.
The total correction from ATH was 11%.
Price showing VCP characteristics with most recent pivot at 3%.
Price has now formed a VCP BO.
Price above its ATR zero line.
The last 3 bars have been tight with narrowish range real bodies. Price has also drifted down.
Volume has contracted with 6 blue dots in the last 7 days.
BEARISH STRUCTURE
No significant bars within the base suggesting no strong institutional bid yet.
LAST 3 BARS
3x tight 'B' bars
2x blue dots
ENTRY
Full position
MARKET
NASDAQ in a confirmed uptrend, price above a rising 30W MA.
5 and 10 day breadth ratios above 1 suggesting demand in control.
12 week breadth ratio 0.78 but improving suggesting market in transition.
VXN below 30.STOCK
BULLISH STRUCTURE
Price above a rising 30W MA.
RS above the zero line, trending up and near ATHs.
Price moved 56% before consolidating.
Consolidation is 29 bars in length (almost 6 weeks).
Price above the 50 SMA.
The total correction from ATH was 11%.
Price showing VCP characteristics with most recent pivot at 3%.
Price has now formed a VCP BO.
Price above its ATR zero line.
The last 3 bars have been tight with narrowish range real bodies. Price has also drifted down.
Volume has contracted with 6 blue dots in the last 7 days.
BEARISH STRUCTURE
No significant bars within the base suggesting no strong institutional bid yet.
LAST 3 BARS
3x tight 'B' bars
2x blue dots
ENTRY
Full position
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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.
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.