My apologies - I thought you were complaining that price missed my target by a bee's whisker.
As for SXY's next move I probably didn't reply because I really don't have anything very constructive to say. I trade short term and tend to react to chart patterns I come across rather than sit and hold any particular stock. In general, where a stock makes a pattern like that I took my target from, price will usually fall back after reaching target. SXY makes a fairly volatile saw-tooth pattern and as the thread heading says - it can be difficult to trade (although there are a couple of periods in the past 10 years if you had held for 2 - 3 years you would have done really well)..
The chart below is monthly for the 'big picture'. Elliott Wave suggests price is rising on Wave 3 which is the longest and strongest rising wave in a cycle so that looks good for a general rise ahead. I'd be expecting price to probably pull back as it has risen for 6 months in a row which can't last forever.
Summary: perhaps a pullback is overdue but when that occurs and price moves up again it could be an opportune time to buy.
SXY - tricky to trade successfully but ticking all the boxes, page-15
-
- There are more pages in this discussion • 57 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)