Helllllo Catapult (a nice update)
Well that one dragged on and approx a week ago I wasnt certain if there would be another small leg down to my anticipated box marked (V) on the charts. I have missed out before getting the bottom, hence why I bought in a start position at the green horizontal line. Glad I did after this mornings move.
You will notice the white horizontal dashed line just above the pink horizontal support line. This is where wave ii should have fallen to historically. It never quite got there, again showing a bullish sentiment and boy has it popped. I expect it to climb to the top of the rising Channel into my wave iii target box and also coincidentally Jefferies Brokerage price target however I'm going to build a bigger position on the pull back to wave iv. I will probably skim off the 10% or so profit @ wave iii however I will leave the original position there for the add too at the wave iv for the next big leg to wave v of wave 3.
Good luck all
Im starting to layer in a position, here's why.
1Day chart
30m Chart
Ignor the last green bar up on the 30m chart after I took this screen shot, that was me starting my position. See timiing is impossible really though I do have targets and Im now conflicted if this is the bottom or we still have another small wave 5 down to go. So im staring to build my position. I think the graphs above show everything Im thinking. I do believe it will soon move up with some energy.
The circle on the stochastic indicator on the 1d shows the current (white line) to be above the Yellow (longer term 30m position) which is point pointing down. Thats the only reason I see another drop coming to approx. $1.19 - $1.16. There is a lot of support between 1.13 to 1.19 with moving averages and a historic Support level in there as well.
The market has also been pre empting reporting season lately and building up positions before hand incase of a good report (Drone Sheild, hence why it dropped on a great report, they pumped it up too far).
If this plays out how I expect it to then I will be adding substantially to my position taken today and will be holding much longer term to ride the 3rd, historically the largest, wave up.
Good luck all hope this gives some insight from a technicals perspective.
Update on Cat charts
This is a bullish stock im also hungry to be part of. We can all see by the agressive moves up over the last year and is playing nicely to my targets so far. It has almost satisfied my rules when it finds this next bottom (wave(ii) of the larger wave3) and I will be layering in a sizeable position with a hard stop loss below. My target should be @ the $1.12 SP however when its a bullish stock as this one is, they dont always make it to my targets and proceed to rocket up before reaching them. I will probably take a smallish position before it reaches my target then layer in once I see that its heading up as I predict. Its a fluid choice of course and will take it day by day.
The next wave up (wave3 of 5) is going to be great and is usually the most bullish of any 5 wave structure. As you can see Jeffries (brokerage firm) has a target of $1.50 however I feel it may go even higher (wait and see) See my updated charts below.
Good luck everyone.
Update on CAT. Thought I would update the charts for cat as it drove higher than my last post (should have seen that coming as it was pushing for the top of the incline channel). So looking at it now it seems to be in a side ways consolidating period. Im still waiting for a retrace back for wave (ii) down to aprox 50% of the last wave marking somewhere around 1.14 my new revised target after it pushing higher than i originally thought. I have noted Bell Porter has down graded Cat from BUY to HOLD confirming my thoughts of an impending retrace. So here is what my charts looks like now.
I have put alerts on it for the bottom pink support line (and coincidently the 50% mark of the last big wave) and also on the 50sma on the 1 day chart to alert me its heading in my target direction. FYI im looking to enter on the next major pull back. Ill let you know when it gets down there as to my udated plans
I have been watching CAT for a while now and is finally getting close to my buy set up so thought I would up date you all. So far it has performed perfectly to my target zones and is behaving to my Fib levels spot on. Today it should reach the upper end of wave (i) on the chart @ $1.25 and the retrace to approximately the 1.03 - 1.07 zone for wave (ii) before starting the next large wave (iii) taking us up to the 1.50 - 1.64 zone of wave (iii). Ill update you all when it reachs the wave (ii) zone on my thoughts then although I will be looking to enter around there with a hard stop just below.