Elite Swing Trades

[SwingKing]

Nice looking chart and I can see several reasons for the draw. I would point out that one possible path I can see this making is a bounce to the 2.87-3.00 area followed by a further decline to 2.47-2.25. That 2.25 would be the 61.8% retrace of the move off the bottom, would print a beautiful inverted head and shoulders and also be a perfect technical launch pad for a move up into the 4.45-4.71 area. All of this is just my opinion of course and another way to play it would be to simply make the entry at the open, set a trailing stop and let it ride. Either way I think you may be onto something, as I said there's other technical reasons to like the play but personally I'd feel most comfortable watching it hold designated support at 2.25 and an entry at that level could give us the opportunity for a possible double. The way this is moving it's should take too long to cover the distance either.