ACB Long - Great R:R!

30 Mar 2020

Here we have a solid potential ACB play going long:

To keep it simple:

We have had Waves 1-3 and we are currently on Wave 4 as a retracement wave. Right now is a prime buying opportunity at 87 cents and below (.87-.84) - setting a stop loss below the top of Wave 1 (Elliot wave principle would be violated if the SL is hit) at 78 cents to be safe.

2 Sell Targets:

1st being a 1:1 of wave 1 which is a 24 cent move from the low of wave 4 which would be $1.10 (if $0.86 is the bottom, may need to slightly adjust)

2nd target would be the 2.618 extension of Wave 1 as Wave 3 reached the 1.618 (makes Wave 5 likely to reach 2.618).

Great % gains with a great R:R, what is there not to like?!

Will update as this plays out.

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Thanks,

2 Nis 2020

Not

Made its way to 78 cents but was still a great hold and additional buying opportunity! Lets see where it goes now!

13 Nis 2020

İşlem kapandı: durdurma seviyesi

Looks like ACB announced a reverse split of 12-1. Due to the news, along with the price going below my stop, I am out of this trade and simply watching now.

On to the next!