After the recent run up a few days ago this pullback seems to have been a necessity to keep things healthy. While there is still a lot to play out and more downside is still possible, it appears we have an inverse head and shoulders
forming. On the 4 hour chart though I am watching for the MACD
cross which has not yet occurred. We bounced the RSI
and broke above a 10-day EMA
but until we can get the MACD
cross I think, which could be at the completion of the inverse H&S
, we need to stay cautious. I did start scaling back into LTC last night between 188-195. I will probably bring more in if we fall back to the 200-205 and level out as the right shoulder develops. If it doesnt level out in the range, I will assume we will be seeing another drop back to support at 180 before the bounce and will start scaling in a larger position between 180-185. I actually have buy orders set in $5 increments between 130 and 185 right now. I am still new to this and have plenty to learn so I would love any feedback!