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Everyone loves a bloodbath until they realize they're standing on the liquidity that's about to fuel the next reversal. SLX is currently testing critical support levels after a severe drawdown, leaving the bears overextended and ripe for a squeeze.
$SLX - LONG
Trade Plan:
Entry: 0.20650 - 0.20700
SL: 0.19355
TP1: 0.23120
TP2: 0.25353
TP3: 0.28540
Why this setup?
95% confidence on a 4h long setup. RSI 15m at 48.2412 (room to run). ATR 1h is 0.0042—tight squeeze priming for a breakout. Entry zone: 0.20650 - 0.20700. First target 0.23120.
Debate:
Is this the classic capitulation wick before a sustained recovery, or are we simply catching a falling knife in a broken trend?
$SLX