**📊 CONL – GraniteShares 2x Long COIN Daily ETF (1H, Heikin Ashi)**
Bullish breakout continuation play
"CONL’s shaping up like a coiled spring after that brutal pullback—trendline held, structure’s tightening, and now we’re looking at a potential liftoff. Given the leveraged nature, volatility will be spicy—perfect for aggressive momentum players. Keep stops tight; when leverage works against you, it cuts deep."
After a massive parabolic rally to \$72.35, CONL got slammed in a steep corrective wave, retracing more than 50% of the prior impulse. The drop halted right on a multi-month ascending trendline and bounced. Buyers are now stepping back in, forming higher lows—a sign of early accumulation and a possible reversal continuation toward previous resistance.
* The July top looks like the end of a strong **Wave 3** in a larger cycle.
* The August drop is likely **Wave 4** corrective (ABC structure visible), now transitioning into **Wave 5** toward the highs.
* Target zones match Fibonacci extension levels aligning with previous swing highs.
### **Trade Setup**
* **Support Zone:** \~\$34.18 (Stop Loss level)
* **Intermediate Resistance:** \~\$63.23 (potential partial TP zone)
* **Major Target:** \~\$69.40 (Sell Limit), stretch to \~\$74.88 if bullish momentum accelerates
* **Entry:** \~\$40.43 (current bid)
* **Stop Loss:** \$34.18 (below recent higher low)
* **Take Profit:** \$69.40 (major supply)
* **Risk/Reward:** \~6:1
* **Trade Management:**
* Move SL to break-even at \~\$50
* Consider scaling partial profits at \$63.23 before final push to \$69.4–\$74.88
*"In trading, you can’t control the market, but you can control your risk."* — Paul Tudor Jones
**⚠ Disclaimer:**
This setup is for educational purposes only. Leveraged ETFs carry amplified risk—position sizing and risk control are critical.
Trade closed: stop reached
By Dubai Traders Hub
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
By Dubai Traders Hub
Follow us on X , YouTube, and Join our Telegram Channel
Follow us on X , YouTube, and Join our Telegram Channel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.