Perfect storm breakout
Updated
Several favorable factors indicate trend has changed. We had bounce off the 50 MA (Monthly). We set a higher low pivot. We had a breakout over a trendline from a cup and handle pattern. A BAM signal triggered on Jan 12th (bullish signal with excellent record). What more do you want?
I am hoping for a pullback to the .38 Fibonacci line...but may need to settle for .23. Market may make it hard to get a good position. When the train leaves the station it doesn't back up to let late-comers get aboard.
Many people clamoring this is a fake breakout. It may be...but price action is screaming we are going up for awhile. Use stops or keep close eye on market.
I am hoping for a pullback to the .38 Fibonacci line...but may need to settle for .23. Market may make it hard to get a good position. When the train leaves the station it doesn't back up to let late-comers get aboard.
Many people clamoring this is a fake breakout. It may be...but price action is screaming we are going up for awhile. Use stops or keep close eye on market.
Note
Wow...wish I had the conviction with this idea...I would made much more money. Sometimes everyone watching all their indicators lose sight of basic price action. Higher lows...larger time frame patterns. The perma-bears can always find reasons not to buy or even to sell. The start of Bull markets...climb a wall of worry (in this case recession talk and overvaluation).
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