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.

SXY 26Sept2020

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.

SXY 28Aug2020


Robert Norman

Phone: 0428 346 951

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