YY yo-yo’ing around

Alright folks, today’s trade idea takes us to why why ticker symbols why why Joy Inc, which is an ADR or American Depository Receipt simply means this is a foreign stock or share traded on us exchanges. Now we have a couple of things going on here. Let’s take a look at the weekly chart first. And we’ll see that one thing that comes to mind is that we are at long term support. So we’ve got a lot of support structure, whatever you want to call it down here in this area, we also have a triangle or pennant formation. Basically, what this is just a consolidation pattern, we’re getting tighter, tighter, tighter, tighter, and like a spring, it will eventually release which can cause the price of that market to move substantially. So when you see that on the weekly, we really get excited because it’s on longer timeframe that we have a chance of a larger market movement. Now, what we’re basically looking at for initially is a target the distance of the base. So if we take it from this height, and this low, that’s 42, up to about 67. And what we’ll do is we’ll just measure that we showed we could either be pushing up to this level, that or if we did the same thing to the downside, we just take the same measurement and measure down. So let’s actually go back to that weekly and see what we have as terms of structure. So way down here that would take out this last swing low at around 30. So ultimate target, but the downside is about 20 target on the based off the patterns about 78 $80 to the upside, so I am favoring a move to the upside, we will have to certainly see what happens. But one reason is we’re getting some bullish divergence signals. As you can see, we came in at a bullish divergence signal last week there around the ninth or the 10th of February. And considering that all this support is holding for now, testing the upper bands of this triangle, I’m leaning to the long side. Now, we don’t necessarily take the first break here at around 53. We’d like to see it break and then come back and retest have that retest hold. And then that’s where we’ll look to jump on board through call options call spreads, buy in stock or sell in bull put credit spreads. Our risk is pretty simple. We’ll just place it on the other side here below support down here below 3637. So this one’s going to be on my watch list and we’ll see how it plays out not only talking about these types of concepts in my upcoming workshop, the ripple effect how to be first in line for huge market moves. We’re going to talk about a strategy very specific strategy and a tool that I use on how to find high probability turning points in all markets all timeframes. A session is Wednesday, February 16th at 7pm. Eastern, I’m going to link you to this registration page. Registration is free and I’ll see you