(11 May 2024)
Watching AEO as a potential breakout trade.
Potential Entry: $25.15
Initial S/L: $ 22.14
Counter has appear to have completed Subminuette Wave iv as a Flat correction from its Subminuette Wave iii High at $26.44
Look to play the breakout trade as soon as it triggers the $25.15 high
Trade will be voided if prices break down in the opposite direction instead
Watching AEO as a potential breakout trade.
Potential Entry: $25.15
Initial S/L: $ 22.14
Counter has appear to have completed Subminuette Wave iv as a Flat correction from its Subminuette Wave iii High at $26.44
Look to play the breakout trade as soon as it triggers the $25.15 high
Trade will be voided if prices break down in the opposite direction instead
Trade attivo:
Stock entry was triggered at $25.15
Commento:
As the price action progresses after the entry on 13 May 2024, prices have moved in sideways fashion forming the look of a Descending Triangle.
This formation is inline with the guideline of alternation between Wave ii and Wave iv. Triangles commonly form in Wave iv in 5 waves impulse moves.
A break below the $21.86 will invalidate this Triangle Count and stop out this trade.
This formation is inline with the guideline of alternation between Wave ii and Wave iv. Triangles commonly form in Wave iv in 5 waves impulse moves.
A break below the $21.86 will invalidate this Triangle Count and stop out this trade.
Commento:
In light of the anticipated gap down after open due to less-than favorable next quarter forward guidance, stop loss of $21.90 has been updated as the final line in the sand for this trade.
All information shown are the author's own trades/potential trades.
These information are strictly for educational purposes only and do not constitute any financial, investment or trading advice of any form.
Please do your own research (DYOR) before taking any investment/trading actions.