Even though IDRV popped Monday as expected it still has room to go up. After a 10+% dip we saw it level off and caught the early signs of a breakout. (read the article here) It jumped nicely that day and is looking to refill to its recent high near 45.
One of the signs that this move isn’t done yet is that the MACD was pretty low before it curled up to crossover. This creates a potential for strong momentum to pull it in the opposite direction. Ian Cooper has written about this rubber band effect outlining how the farther the dip the more strength available for the reversal move.
If you haven’t checked out his Trigger Point Trade Alert program yet, this is a great chance to get the full explanation of this signal and the others he has found to be successful. Be sure to check it out here.
Keep learning and trade wisely,
Market Wealth Daily