EDZ

EDZ is another trade idea from May 3rd at $17.26, it's now up nearly 8%.

 EDZ daily-rectangle base

 Here's the hourly chart that has looked very bullish and has shown that there was a concerted effort to accumulate EDZ at the lowest levels possible. The first accumulation round took EDZ up to the upper limits of the trendline, but they weren't ready to break it out yet. We saw a negative divergence sending it back down to the lower trendline where it was accumulated again.

Here's the interesting chart, it's a 5 min chart and shows the same swift change in character we observed throughout much of the market yesterday.

While EDZ is an open trade from May 3rd, it can probably be bought here as well, or if you are more interested in higher probabilities, then a breakout above the $19 area would be an ideal spot. Again, there's no huge rush here as this hasn't even moved into stage 2 mark up yet (that would happen above $19). Also according to the price pattern implied target, this is another ETF that looks to be headed toward the $55-$65 level eventually. The key to arriving there will first be the breakout and then putting EDZ in the appropriate Trend Channel and letting the Trend Chanel do the work rather then relying on arbitrary guesses as to when to stop out.