Hubert Senters here.
Let’s take a look at Dollar Tree. Obviously we like it on the short side because we’ve got on the short side projections down here where we had an ambush and now another ambush.
And now it’s breaking away so you got to figure out a target for this bad boy. So when you’re looking at this it’s pretty simple.
Obviously the market melting down helps a lot here in this situation. But what we were looking at is from not that one. Grab your own tool. From the height of the ceiling to the bottom.
And you see a 50 percent retracement. That’s a 40 percent. Let me fix my fibs really quick. Let me take this off.
Now, almost to 50 which it didn’t do a 50 which means weaker than you actually think it is.
Now, you’re going to stair step it down. Now, you’re going to go from here to there.
One, two. That is a 50 percent ambush. Good failure point and now, it’s taking out these lows.
So now, all you have to do is back up in a little bit longer timeframe here. Let’s just go weekly and figure out where you got some support.
You do have a little bit of support at $84.99. I don’t think it’s going to hold at all.
And then after that the target is going to be around $74 to $63. And then if that doesn’t hold ladies and gentlemen it will probably get a lot nastier so heads up, DLTR good looking little short.
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Good luck. Hope it helps. See you on the next video.