Buttterfly w/ Dragonfly Doji @ 2yr VAL & .618 retrace
There's a lot of confluence here and a lot of reason to believe this is likely bottom, or close to it, for at least a couple weeks. We've got: Bull Butterfly harmonic, Weekly Dragonfly Doji candle, 2yr VAL, & 61.8% retrace from Covid low.
As always, we can't fully trust the first 3 days off a bottom, but we'll be looking for high volume bull follow through and dips to buy. I'm long TQQQ $16.60 from premarket today. I'm not leveraged too much yet, but the chart is saying big reversal here. SOXL had the highest volume on record by almost double and jumped 25%. NQ had highest volume since February. All bull moves. Bull Butterfly's first target is the B node which happens to be the 2yr POC at 314.
Idea below is about not trusting the first 3 days unless they have high bull volume
As always, we can't fully trust the first 3 days off a bottom, but we'll be looking for high volume bull follow through and dips to buy. I'm long TQQQ $16.60 from premarket today. I'm not leveraged too much yet, but the chart is saying big reversal here. SOXL had the highest volume on record by almost double and jumped 25%. NQ had highest volume since February. All bull moves. Bull Butterfly's first target is the B node which happens to be the 2yr POC at 314.
Idea below is about not trusting the first 3 days unless they have high bull volume
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