Conviction: 3/5
Overall still in LT (2009) down channel, so trade is quite risky... you are trading against the trend...
HOWEVER:
Trade duration... 3-5 months.
Much better trade is to wait for breakout confirmation, and wait for entry from likely retest.
Overall still in LT (2009) down channel, so trade is quite risky... you are trading against the trend...
HOWEVER:
- bounced off MT (2018) trend support
- RSI looks pretty good
- SPY ourperformance against world is pretty outrageous in the last 2 years, so some mean-reversion is likely
Trade duration... 3-5 months.
Much better trade is to wait for breakout confirmation, and wait for entry from likely retest.
