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All right, folks, today let’s take a look at linear ticker symbols le n and the sell off that we’re seeing right now is providing a lot of potential opportunity here to snap up some good quality names at a discount. Once the selling subsides now take a look at ln at a weekly chart on the left daily chart on the right and see we are down about a little over six and a half percent and was six bucks for the day at 8326 Coming well off its highs around 117 118 that we chalked up back in December Now here are the next levels I am watching on LDN so what I’ve done a couple things here I took a fib retracement from this last swing high in November to the last swing low we had here back during the pandemic there in March of 2020. And you can see it put plots us a 50% retracement right here around the 7172 area. Notice that that also coincides nicely with the rising 200 day moving average as well as a longer term price structure. So why is this price structure considered support structure right here because it’s the last area where we consolidated before bat blasting up to new highs. So now we are coming back here looking for a first touch around the 7576 area. This whole area right here is valid for a potential buy setup. Now if we take a look on the daily, you can see that we’re working in a potential one to three bottom as indicated by the arrows here. We also have bullish divergence signaling, which is also in our favor. But we don’t want to buy right now you can see the trend is still I viously. down as long as we continue to make lower highs lower lows, that trend is lower. But once we get into this 76 area, that’s going to be what I call an area of interest. We have all this structure. We’re at the 50% retracement at the 200 day, we got bullish divergence by signals and we’ll likely have or be putting in a one to three bottom now aside from all that we also have bullish seasonality. Right around the corner we have an 86% win rate over the last seven years of bullish seasonality here you can see what’s happened over the last seven years. These are the kinds of things that we like to have on our side when we look for a trade. So are we going to get in today? No, we’re going to wait patiently let price come down to this area I was expect that it will it may certainly turn around and rip to the upside. And that’s fine. We’ll look for another trade opportunity. But I suspect to be watching this 76 area for us to come down to that’s where I’ll be watching for an official confirmation bottoming formation to take along on when I’m going to be doing a free presentation on Tuesday, March 8 at 7pm Eastern three point price action format to spot market reversals. In fact, I’ll cover very similar situations and what we just talked about different examples to use for intraday markets as well swing markets across any asset class where you trade stocks, options, futures ETFs the strategy I’m gonna show you works in all markets, as typically does everything that I show you in a hyperlink to this page. All you got to do is click the orange button and I’ll see you there
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