Toll, Building a Strong Foundation

I’m looking at the buy side in Toll Bros. Inc (TOL $36, up $0.57).  On the daily chart below you can see that the recent low was made at the confluence of a .618 retracement of one major swing and the 1.272 extension of another.  One more price relationship comes in at the $34.78 – $34.92 area (aka price cluster zone) which was a 100% projection of a prior decline of $1.58 projected from another swing high.  The second swing ended up being very similar at $1.48. This is illustrated on the daily chart below.

cb 7 23 tol

 

Now if price continues to hold above this key price cluster low, the initial upside target comes in at the $38.36 area.  I will consider myself wrong the trade if the $34.78 area is taken out instead.
This week the last for TOL Weekly options.  With a 2-3 week projection, regular Aug. expiration would be the time-frame to target.