VLY: Heading back to double-digits
Updated
One of the cleanest setups I have ever laid eyes on. Clear impulsive 5-wave move off the low with each wave tagging ideal fibonacci extensions. The pull back was also 3-waves and perfectly tagged the ideal .5 fibonacci retracement. The last confirmation we need is for price to break above the previous high of $8.11 to confirm that we are heading to double-digits. A very high probability set up in my opinion.
Note
VLY was upgraded at JPMorgan this morning and is +5% in pre-market as a result.Trade closed: stop reached
Unfortunately, this looks more like a corrective bounce now, so I would not anticipate the share price to reach its most recent local peak of $8.77 in the foreseeable future.
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