Price moved up as predicted and two targeting techniques confirmed a target price of around $0.35. I sold out just short of the target (not wanting to get caught in the rush for the doors if/when price rolled over. A good trade and a good example of charting techniques.

28 August 2020

SXY is a tricky stock to trade profitably and over the years I've had a few wins and a few losses - so I treat SXY with caution. It has broken above a downtrend, made a new uptrend (from point marked with small red down arrow) and making higher lows and highs. Add on a resistance break pattern confirmed today with a target of $0.35 and SXY has ticked all the boxes on my checklist. Elliott Wave count could be Wave 3 which is another plus as Wave 3 is the longest and strongest rising wave.

For anyone into Time Theory the vertical lines are time lines and you can see that price changed direction close to most.