SSO And FCX

The session in the SSO began with a Wolfe Wave 5 Fakeout/Breakout to the upside, followed up by an immediate plunge to the Wave 6 target line. Done!



That was followed up with an Ascending Triangle upside breakout, a successful retest of that breakout, and then another pullback to the breakout. Hmmmm-mm...that looked real decent for The Bulls.

I decided to get long 5,000 shares at 40.96 (white arrow), but as is often the case, they wouldn't let me have it. 40.96 was the exact low right there, and as it rallied again, I could see that "they" were going to make me pay up for it. I modified my order to a limit of 41.16 and got filled at 41.14.

That order modification cost me an extra $1,000, but I didn't mind paying it with the SSO looking so strong coming off the Ascending Triangle breakout validation, the target of which was 41.56.

Ascending Triangle Math:

40.90 - the more conservative of the 40.90 and 40.91 highs.
40.24 - the Ascending Triangle and completed Wolfe Wave target low

40.90 - 40.24 = 0.66 points of upside added to 40.90

40.90 + 0.66 = Target: 41.56 IN PLAY





The SSO then put in a neckline and a Right Shoulder (both in yellow) of an Inverse H&S and broke out of that to the upside, putting a target of 42.06 IN PLAY. The neckline highs were 41.17 and 41.15.

41.15 - 40.24 (low of the Head) = 0.91 points of upside.

41.15 + 0.91 = Target: 42.08 IN PLAY

I sold 2,500 shares at 40.60 when the 41.56 target got MADE. My plan was to hold the remaining 2,500 shares and see if it looked like the 42.08 target also would get MADE, but...




I talked myself out of it, based on the fact that Gap Resistance in the Hourly Chart (horizontal white line) began at 41.71. I decided to "take the money."



Curses! The two little pattern breakouts (in orange and in red) gave the chart additional strength, and the Inverse H&S target of 42.08 got MADE, and then some! The session high was nearly a dollar higher than that target, at 43.07.

If I had held, though, I would have sold at the 42.08 target.



SSO trades.



FCX has been getting kicked around, and lagged the general market all day. Late in the session, though, it was slow-w-wly making progress back toward 42.24 - 42.27 resistance, and was hugging the EMAs on the way up.

I bought 5,000 shares of it for 41.91 (white up arrow) and sold it for 42.26 (white down arrow), at the 42.24-42.27 horizontal resistance.

FCX sold off from that retest of resistance, which now is validated resistance, but The Bulls have something to work with if they can bust through it.



Gain on the session: $4,100