Re: Speculation Rule: buy when others are irrationally pessimistic or too cautious
Imagine my surprise when the projection channel (red parallel lines) that I had added yesterday wound up being the stopping point of the decline.
Price had spiked to just below that channel but climbed back in almost immediately. It is still possible for a decline to around $700 but, if the projection channel holds, we may be set for an acceleration in value to the upside. Otherwise the longer-tem handle of the cup & handle becomes a stronger probability.
For now, I'm buying a small position at 780 with an eye to stop out at 760.
Price had spiked to just below that channel but climbed back in almost immediately. It is still possible for a decline to around $700 but, if the projection channel holds, we may be set for an acceleration in value to the upside. Otherwise the longer-tem handle of the cup & handle becomes a stronger probability.
For now, I'm buying a small position at 780 with an eye to stop out at 760.