$Micron Technology (MU.US)$ Yesterday, the market was quite ...
Yesterday, the market was quite bullish before, so if we can break the 98 level from yesterday, it seems like it will take off smoothly ✈️
The dead cross on the RSI was indeed a false alarm![]()
So, as for the future tactics, I think this rise will come above the line around 115-117 at a fairly fast pace.
The reason is that, as drawn with the black line, if it can break through this early, it will visually become a neat uptrend inverted triple bottom pattern
Among traders, there are many who buy in anticipation of the formation of this inverted triple bottom pattern
Another reason is that the CPI indicated a soft landing scenario (initial jobless claims also exceeded expectations, but this may be due to the hurricane's impact... Looking at Sendai and Kobe, you can see that employment and the economy will improve with reconstruction)
With this, it should go relatively smoothly up to the line ahead.
If it can be exceeded, along with short cover, further growth is the scenario's expectation.
As for the exit, reflecting the difference between the head of the reverse three peaks from that line to the neck afterward, it's around the Fibonacci 1.618 (148.17).
However, it does feel like it's stretching too much... Looking at the scenario until the end of the year, as a precaution, planning to take 50% profit at 127 just before 129, the Fibonacci 1 line. 💰That's where the gap from 7/22 will also be filled. 🪟
Personally, I believe that the scenario for a correction will occur in early November. During that time, I will short other stocks and determine whether to reinvest 50% after the correction is over.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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