Typically the distribution phase will end, at the previous cycles resistance. Thus turning it into support.
I said it before, that at the gap fill area there isn't any support, so it would make sense coming down a little lower.
Is it needed? no. but it is a possibility.
If that was our case, i see us smacking the resistance of the shade falling wedge. and falling to support of same wedge, and rolling over to that support in the 14s
i personally will be waiting for a breakout and confirmation of the falling wedge to go long.
Regardless i see a close of the week over 20$.
IF we break out of the falling wedge right away and climb i see a high of 24 to 25 this week.
IF we go and test that support in the 14s, then i see a high of 21 to 22...
breaking out or bottoming in the 14s.... i will be playing 2 to 3 weeks out calls. at the money.
i see us being pinned to the movements of the spy.
and i see the spy filling the gap on the daily, and bouncing.
Good luck,
I said it before, that at the gap fill area there isn't any support, so it would make sense coming down a little lower.
Is it needed? no. but it is a possibility.
If that was our case, i see us smacking the resistance of the shade falling wedge. and falling to support of same wedge, and rolling over to that support in the 14s
i personally will be waiting for a breakout and confirmation of the falling wedge to go long.
Regardless i see a close of the week over 20$.
IF we break out of the falling wedge right away and climb i see a high of 24 to 25 this week.
IF we go and test that support in the 14s, then i see a high of 21 to 22...
breaking out or bottoming in the 14s.... i will be playing 2 to 3 weeks out calls. at the money.
i see us being pinned to the movements of the spy.
and i see the spy filling the gap on the daily, and bouncing.
Good luck,