In September we took a look at the setup forming with ASO and knew that this would take some time to play out.
This week we have our first candle body above the the secondary downtrend and looking to reclaim the the primary uptrend. We also have a recent positive MACD crossover. Looking at the proportional range of movement similar to the last breakout implies a move to the top of the channel. This would likely take months to reach and currently exceeds analyst consensus 12 month targets.
I'd like to see a retest ~51 for any final accumulation and then will begin taking profit between ~59 and 64. Note that there is an overhead gap at 64 that may trigger a reversal in the future. It's also worth noting that small caps historically start to outperform the larger indices by mid December.
This week we have our first candle body above the the secondary downtrend and looking to reclaim the the primary uptrend. We also have a recent positive MACD crossover. Looking at the proportional range of movement similar to the last breakout implies a move to the top of the channel. This would likely take months to reach and currently exceeds analyst consensus 12 month targets.
I'd like to see a retest ~51 for any final accumulation and then will begin taking profit between ~59 and 64. Note that there is an overhead gap at 64 that may trigger a reversal in the future. It's also worth noting that small caps historically start to outperform the larger indices by mid December.