This is a great spot to ride out this channel with a good amount of support at the base from a longterm downtren line and the 200MA. The re-entry location could also be used as a entry location but only after the T1 has been hit. I feel confident that the 55MA will be retested before moving to top of channel. If you play this trade from the Re-Entry level your profit taking at T2 would be 14%.