Is EFUT starting it's next wave up?

[mystiky]

http://stockcharts.com/charts/gallery.html?efut

its above the 10 /20 / 30 / 50 / 200 day moving avgs for the first time in about 2 months.

P&F has a target of $35

Float is 1.8 million with about 25% of it sold short

Would love to hear from the charting experts...

[skiracer]

http://stockcharts.com/charts/gallery.html?efut

its above the 10 /20 / 30 / 50 / 200 day moving avgs for the first time in about 2 months.

P&F has a target of $35

Float is 1.8 million with about 25% of it sold short

Would love to hear from the charting experts...

take a look at the daily chart. the previous cup base ended in a big failure which led to the second cup base. It is now trying to form the right side of the cup base for a second time. Those two spinning top dojis are pure indecision on the part of traders. but that big jump up, the candle right before the two spinning top dojis is a perfect setup for those who got in at the bottom of that candle to unload when the retail guys start to flood in. and that is what i think is going to happen. I think it might be a trap and that it will fail again as it did in the previous cup base. Good luck with it because i also think that you are going to be a buyer regardless of what anyone else has to say. I don't see this formation as intriguing or worthwhile for trading right here.

[mystiky]

Appreciate the feedback. Your version makes sense.

I am though thinking of the Elliot approach, and maybe we just had out big 1 up, 2 down and are trying to make 3rd up?

Also, if you draw a line down from 34, 26.12 (previous) tops, you could potentially say that we have broken above that downtrend line once EFUT closed over $18.

I think the risk/reward is such that +6 on the upside, and -2 on the downside, using a stop of 18.

Anyone else?

take a look at the daily chart. the previous cup base ended in a big failure which led to the second cup base. It is now trying to form the right side of the cup base for a second time. Those two spinning top dojis are pure indecision on the part of traders. but that big jump up, the candle right before the two spinning top dojis is a perfect setup for those who got in at the bottom of that candle to unload when the retail guys start to flood in. and that is what i think is going to happen. I think it might be a trap and that it will fail again as it did in the previous cup base. Good luck with it because i also think that you are going to be a buyer regardless of what anyone else has to say. I don't see this formation as intriguing or worthwhile for trading right here.

[skiracer]

Appreciate the feedback. Your version makes sense.

I am though thinking of the Elliot approach, and maybe we just had out big 1 up, 2 down and are trying to make 3rd up?

Also, if you draw a line down from 34, 26.12 (previous) tops, you could potentially say that we have broken above that downtrend line once EFUT closed over $18.

I think the risk/reward is such that +6 on the upside, and -2 on the downside, using a stop of 18.

Anyone else?

There probably is some merit to the conclusions you have drawn but I need to see a more substantial formation. Something closer to what I know works. This particular chart does not give me that in regard to a specific pattern or formation that I know has a chance of working and that the closer to the correct definition the chart formation is the bigger edge I have in winning. Elliot wave interpretation is usually the way it is viewed through the eyes of the one doing the interpretation. Just like how one views the chart can be looked at from a number of perspectives, yours deserves as much consideration as mine but the proof is in the pudding and the results. Rationalizing what you want to see happen is usually the norm with these situations. Those interpretations are what separates the wheat from the chaff. I wouldn't be a buyer here but if you are I hope that I am wrong. Good luck with the trade.
As an afterthought I see that your risk/reward of 6 upside to 2 downside coincides with the last recent high on the left side of this cup base of 26 while the downside risk of 2 aligns just a little higher than the bottom of that last candle before the gap up. I would agree with both of those but not with the point for placing your stop. The target of 26 is a rationale one. If you were to enter at somewhere near todays close of 20.03 and placed a stop at 18 that would be a 10% loss if it were to go that way. To high for me and to high to use on a continuing basis and make money if you were to get stopped out on more than half of your trades which is a moderate assumption of winning to losing trades and still make money if you let the winners run out to maximize the opportunity. Good luck.

[mrmarket]

Looks like it needed some earnings help...this dog didn't hunt.