This is a Masterofcharts.com swing trade setup for 12.16.15..potential move 10%-15% based on this formation..where to place stops to minimize loss and maximize gains… [ms-protect-content id=”61,117″]
Where to to place stops to buy: I would buy right at the open or anything above 63.80..that would be the 1.00 breakout of the entire zigzag from yesterday’s high, and pre-market we’re sitting on 64.03, setting up that 3rd wave move.
Where to place stops to sell: 62.40 or .10 under the low of the A wave…62.50 is plenty of support but in case it fades at the open and fails to spike above 64..I don’t think it’ll drop below 62.40, but it’s there just in case (stop to sell)
If it succeds: 1-2-3 would spike into the fed decision and carry UPRO to as high as 70-72 in the coming few days..that would be 1.618 of the W1 we saw yesterday. [/ms-protect-content]