After seven days of trying, albeit barely, an excruciating uptrend has produced a bullish impulse leg on the lesser charts. We shouldn’t necessarily be jumping for joy here, but neither should we let a potential bullish opportunity go unexploited if it pans out. Accordingly, if the point ‘C’ low holds, a buy signal would come at 65.69. I’ll recommend looking for the signal on a chart of lesser degree — perhaps the 3-minute — to create an initial stop-loss smaller than the implied 41-cent stop associated with the pattern shown. If you want to go for it, however, try doing so with a modest 100 shares. The goal, as always, will be to get to p=66.10, where profit-taking (on a multi-lot position) and dynamic risk management (via a trailing stop or impulse leg) would come into play. ______ UPDATE (October 7): Too much work! I’m giving up on this dog, at least for now.
