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I'll post some quick TA from today (11/7)
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That’s a pretty good read. I’ve been looking at REGN myself and the support the last few weeks has been good to see.
I use the trend line definition that starts at a low and continues to the highest low before the highest high that doesn’t cross any prices. I usually use the weekly chart since I’m more of a position trader looking for longer positions.
You can see were the up trend broke below and that it’s still in a medium term down trend. Some people might wait until that trend is broken or until it gets back above the 200 DMA, but the support level here means your downside risk is fairly small.
Do you know what price tells you that you’re wrong and need to sell?
Or actually $465 as a risk averse first alert as that’s the next area of resistance. You’re right some downside risk. This is more swing rn, but would be a good LT play for the IRA if it drops and shows some strength.
Update on this one...got in with a $490 Feb call on 1/6 and sold this morning for a nice gain right before that dump at 10:30. It had gone up 8 straight days and hit a resistance area. Will watch for decent pullbacks as it still has some room to run.
Well played!
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I'm not super familiar with Elliot Wave Theory, but it also looks like it can be a 3 wave correction. I like the set up OP