CTX petrol bomb

Ok i had been having a few fun trades scalping CTX earlier in the week short from 1050 area based on some other charts. I then noticed the strength coming into the stock for longs. I decided i would take a look and this is what i have found and why i am now bullish on CTX into early august.

I knew this turn date was coming so should have traded into it long from before but i been slow so i will just try catch this last leg.

Today broke the highs confirming the swing low so have entered long positions on the break for a target zone of 10.80+



This chart above is the cycle chart i have for CTX and as you can see it is quite accurate and is part of the reason why i was so confident the trendline was going to hold at that $9 level.

This chart below shows the fib levels, we have yet to test the 50% of the big move down fib level and from the last highs we have broken through all the major fib zones and then retested the 50% fib. The time and price here also is lining up nicely and showing strength to the upside.



This last chart just shows a simple elliott 5 wave chart with targets based on last ranges. The weekly ADR also takes 75% to around 10.80 as well and i think this level will be key in determining the break of that down trendline. We must break that down trend line with some volume if we are thinking that range could complete to 100% and take us into the $11 area.

:)