Waiting for entry - Micron
This is a great opportunity to enter a long position on Micron.
We have a bear and bull scenario, the bull one is the most likely.
Bull
We just finished the wave ((i)) of the wave 5 (one larger degree), so I'm expecting a correction between the 50% and 65% fib (49.42-$51.15). Why? Because:
-4H RSI broke this ((i)) wave support
-Second waves usually retrace deeply the first one.
-Strong resistance in the golden pocket (65-61.8%), plus the 200 EMA
-Golden cross (8,13 and 21 EMA crossed the 55 EMA (although not with great volume).
Bear
We actually only finished the B wave of the correction and we're retracing towards $43.11.
However, I'm pretty sure we're on the bull scenario because of the good media coverage and good fundamentals. Can't see Micron retracing more than 49. My targets are 61.38 (very likely), 68.5 (likely) and 80 (only If we hit 68.5 in the ((iii)) wave (pink). So, a good setup is to ladder buy from 51.5 to 49.5 with a stop loss on 47.5, giving us a nice 4.35 RRR taking profit on 61.38 (the most conservative target).
I would not hold or enter a long position above 80, because that's the resistance of the channel that begun back in 2008.
This is only my opinion, trade at your own risk.
We have a bear and bull scenario, the bull one is the most likely.
Bull
We just finished the wave ((i)) of the wave 5 (one larger degree), so I'm expecting a correction between the 50% and 65% fib (49.42-$51.15). Why? Because:
-4H RSI broke this ((i)) wave support
-Second waves usually retrace deeply the first one.
-Strong resistance in the golden pocket (65-61.8%), plus the 200 EMA
-Golden cross (8,13 and 21 EMA crossed the 55 EMA (although not with great volume).
Bear
We actually only finished the B wave of the correction and we're retracing towards $43.11.
However, I'm pretty sure we're on the bull scenario because of the good media coverage and good fundamentals. Can't see Micron retracing more than 49. My targets are 61.38 (very likely), 68.5 (likely) and 80 (only If we hit 68.5 in the ((iii)) wave (pink). So, a good setup is to ladder buy from 51.5 to 49.5 with a stop loss on 47.5, giving us a nice 4.35 RRR taking profit on 61.38 (the most conservative target).
I would not hold or enter a long position above 80, because that's the resistance of the channel that begun back in 2008.
This is only my opinion, trade at your own risk.
Penafian
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