Upon further review of the charts, I am revising T1 down from 19.84 to 19.68 (current levels). Consider booking partial or full profits and/or raising stops if holding out for T2 as the odds for a reaction (pullback and/or consolidation) are elevated at this time. This provides a quick 4.1% profit on the trade for those opting to book profits here. Should XLF pullback from at or near current levels, the next objective entry or re-entry (for those booking profits here) might come on a backtest of the trendline or test of the top of today’s gap.
XLF 30m 3 March 24th
Although FAS is an unofficial trade with the official proxy for this trade being XLF, for those trading FAS & targeting that unadjusted first target posted earlier (i.e.- planning to book partial or full profits there), it is best to close the trade or tighten up stops as XLF is at or very near resistance. There is also an usual disparity between where XLF is trading relative to that resistance level above and where FAS is trading with FAS not tracking most likely due to the 3x leverage decay or possibly a recent distribution.
FAS 30m 2 March 24th