Don't chase software stocks- Okta's time to retraceOkta, Inc. Class ABATS:OKTAChipsnCheeseIn the previous chart, successfully identified Okta's bottom at 70 and since then stock has more than doubled. Yesterday's move in software stocks will make some people do FOMO entry but the technical signals are suggesting that it will be a time to retrace now. Okta at 174 is showing major divergences, with Demark and Elliot waves looking complete. The momentum is strong so we possibly can have 10-15% of upmove, but with the current technical setup, the risk/reward is extremely poor here. I anticipate this to reach back to 100ish levels where the Fair Value Gap is and then start a long term bullrun. TLDR: New investors- stay away from software, old investors - Don't proactively sell but keep the trailing stop loss open from here on and ride the momentum (if) for next couple of days.