JO is back to trade again

A few months ago, I talked about trading for the coffee ETN, JO. I recalled it was around $20 or so and was poised for a pop-up. It was a good timing as JO indeed went up almost immediately after that for a quick 10%+ gain in just a few days. Nimble traders could have made a good quick money by taking the profit promptly. Since then, JO has come down again and wobbling around $18-20 for months. But I think another tradable opportunity is coming again for JO now. In the past few weeks, JO has quietly set up a bullish inverse H&S. It is showing an uptrend with higher highs and higher lows, which is supported by a strong positive divergence in MACD. Friday's sever market decline has also brought down JO quite a bit but it is right sitting on its uptrend line. Technically if JO can keep above this level I think it is ready for a quick move to the upside. If we are lucky enough, it could be another 10%+ return in the next few days or weeks. But remember to take such quick profit off the table swiftly as this is not a trade for long-term. However, if JO breaks down from here and closes below 18.50 (below the last low), the idea for its immediate next leg up is wrong and it is better to exit.