TDOC -- looking for long entry
Reached the fist price target of $125 and pushed higher into the 130s which was great to tag some fib extension levels.
I have two alternate counts on this one because, with EW, it's never an exact science and the best thing to do for yourself is just try to prepare so there are not any surprises and adjust as you go.
Primary Count (White numbers in circles):
- reaching the 1.618 extension for wave 3, looks like we are in a wave 4 retrace.
- Watching my little blue line sitting at the $219 price point: BELOW this I think we can tag $214 area right around the white uptrend line.
- Watching the green dash line I have: above this (specifically, as long as price closes above this) I'll maintain my bullish leaning
Alt Count (Pink numbers in circles):
- would potentially show a complete 5 wave count up, indicating this retrace is wave 2 down. What makes sense with this one is it would go back and backtest the downtrend break out from earlier.
- Watching what happens around the $219 price and the white trend line; if we go below $219 and the white trend fails, then I will watch for price to go down between $213 and $207, indicating a full wave 2 retrace for the pink count
Gameplan:
- watching for entry: if blue line at $219 holds, could indicate start of white count wave 5 up
- if price goes below $219, will look for entry long at the support white trend line
Ultimate price target up is still around the $250 area! I think TDOC has a decent set up here to push upwards and I'll be looking to enter long positions. Premiums, as of right now, are relatively low for options. Plan is to grab some calls or call debit spreads about 45+ days out!
I have two alternate counts on this one because, with EW, it's never an exact science and the best thing to do for yourself is just try to prepare so there are not any surprises and adjust as you go.
Primary Count (White numbers in circles):
- reaching the 1.618 extension for wave 3, looks like we are in a wave 4 retrace.
- Watching my little blue line sitting at the $219 price point: BELOW this I think we can tag $214 area right around the white uptrend line.
- Watching the green dash line I have: above this (specifically, as long as price closes above this) I'll maintain my bullish leaning
Alt Count (Pink numbers in circles):
- would potentially show a complete 5 wave count up, indicating this retrace is wave 2 down. What makes sense with this one is it would go back and backtest the downtrend break out from earlier.
- Watching what happens around the $219 price and the white trend line; if we go below $219 and the white trend fails, then I will watch for price to go down between $213 and $207, indicating a full wave 2 retrace for the pink count
Gameplan:
- watching for entry: if blue line at $219 holds, could indicate start of white count wave 5 up
- if price goes below $219, will look for entry long at the support white trend line
Ultimate price target up is still around the $250 area! I think TDOC has a decent set up here to push upwards and I'll be looking to enter long positions. Premiums, as of right now, are relatively low for options. Plan is to grab some calls or call debit spreads about 45+ days out!
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