This market has us all on edge all the time with massive ranges and swings big enough to give even the most seasoned of traders a mini-stroke.
This correction is far from over and could take a good few weeks, if not months, to complete.
Use all the rallies to take profit but keep a core long as the major trend/cycle is up.
Let the market come to you, and don’t chase it, as dogs that chase cars end up being run over.
If you are lucky enough to see a move sub $12.40 (November 21), own it for the LT.
The previous road map had the leg up we are currently experiencing, but I am skeptical we will come much lower in the MT than $13.75 once the ST Bull run is over.
I would buy a daily close over $14.20 as there should be a $0.80 rally after that.
On the downside, remain square until we see a move sub $13.58 as then, and only then, will it be worth trying to pick a bottom.
Great breakout, the view has been good, and I can’t find any reason for the chart to stop before $1.34!.
I don’t have any new views as our patience counted for very little on this chart as now we will need to continue waiting.
I only hope we don’t wait as long as England has for a 2nd major football trophy!
“The levels have worked well, although I am sure most of you are 15 years older!
The trend is well intact, and we are happily long at 46%, as we feel targets will be north of 50%.
Let’s see how my “buy and retire” ages. – looks effortless, was super tough, and will pull this next week.
If only all road maps worked this well, I would use any further strength to take some cash off the table and see how the chart plays out.
Momentum traders, good luck with this one, and all I can say is wait for the deep pullbacks to get long.
R7000 – R6600 should provide some outstanding support and would be the buying opportunity of 2021 IMHO.
Another one following the road map nicely, but I don’t trust this market and would definitely use strength to price.
I would not get sucked into buying bullish momentum, and patience is the key here when needing to buy!
I don’t like this chart overall!
The correction seems to be playing out as per the road map, and I would profit from the rallies until further notice!
I feel that this correction will play out over many weeks, if not months and that waiting for the market to come to you is the key to putting together a decent long position at the proper levels.
Sub $0.50 is still on the cards.
Firstly, we have seen a great kick off the lows, but this means little in the bigger picture as technically, and sadly, this chart should fail to make new highs and peak around $440.
I still love this chart – I sound like a man with Stockholm syndrome, help!!!