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DOCS – Chart of the Week for May 17, 2024

by | May 17, 2024

Chart of the week this week is DOCS.

Quick message before we get started: I just recently opened my Gold Rush Alerts to the public 2 weeks ago… and our first trade just closed out with a 50% winner… With this strategy we’re targeting a move like this every single week! If you want to take advantage of the massive moves gold has been making, get all the details details right here.

This Week’s Chart

DOCS has a measured bounce^ setup.

The measured bounce is a high-probability, explosive trend reversal pattern that I like to look for.

We had DOCS make a bottom in September of 2023, then move up into Jan 2024. This was the first sign of the reversal.

BUT then it proceeded to do a deep 61.8% retrace, and hold there.

Now today, May 17, 2024 we got a move in price back above the daily Roadmap Line (RML*) which confirms the reversal is potentially in play.

I bought shares at $28. The entry is where the price currently stands, above the daily Roadmap Line.

I’d suggest setting a stop loss on a move lower that that Sept 2023 low.

As for targets, well, the conservative target is $37.

The standard target is $42.  The aggressive target is $50.

And it could go much higher, it does NOT have to stop here.

I would suggest taking some profits at each target, depending on your preferred level of risk.

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/YHE6YAp5/

More Free Trade Ideas

I give out free trade ideas like this all the time on my daily morning show “Morning Monster“, as well as my “30 Minutes of Awesome” show Tuesdays at 5pm Eastern.

To get notified every time I go live with those shows, click here to subscribe to my YouTube channel.

Hope to see you there.

— Jeffry Turnmire

 

PS> ^I teach the measured bounce and a similar pattern, the Market Roadmap bounce, as part of my Forecasting Markets with Fibonacci class. <– check it out if you are interested.

*The RoadMap Line or RML is based on my Market Roadmap indicator. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

In my Discord channels, I give out EVEN MORE free trade ideas — so think about it: Between my free YouTube content, the Discord channels and the Market Roadmap indicator, you could have more trades than you can handle every single week!

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