[Premium] Quick 5% Trade Setup – $UPRO (Safe Place To Buy)

Nov23upro

This is a quick trade setup for UPRO, the S&P 500 triple ETF…potential move is a very quick 5% on this exact purchase level. [ms-protect-content id=”61,117″]

Best case scenario: A reversal over 68..68-68.25 is where I’d buy UPRO at this point..the Wave 3 has gone a long way but still has another 3-4 points in it right now..the full 1.618 move for UPRO would be in the 70.5-71 range for about 5% on the upside, and this morning it just broke 786 and deflected..but I think it’ll try again and rip higher into the close to the intended target..seeing 70.5-71 by mid week min…I’d buy at 68, and place a stop to sell at 66.80

Worst case scenario:  Truncated 5th wave and drop below 66.80..that would be a 1-2-3-4-5 up into a Wave 2..that’s why the stop at 66.80 would be placed to prevent any downside damage from that level.

What I would do:  Buy in the 68-68.20 range, and stop out below 66.80 if there’s a failure there..no failure above 68 and we could see 70.5-71 quick. [/ms-protect-content]

 

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