Looks like a bearish Gartley..
Strong stock so perhaps will not fall all the way to PRZ (Point of reversal zone)
Most harmonic pattern trade entries occur around “D” point within the reversal zone. It could be a Buy (in bullish patterns) or a Sell (in bearish patterns). Usually, “D” is identified by a confluence of projections, retracements, and extensions of prior swings (legs), universally called as “ point of reversal zone, and is abbreviated PRZ
A visual, geometric price/time pattern comprised of 4 consecutive price swings, or trends-it looks like a “W” on price chart.
The dreaded W..when a stock hits D in a harmonic pattern, sometimes there is a bloody pull back.
Must be valid ABCD pattern observed in move from A-to-D
Time from point XA and AD ideally in ratio and proportion
Limited instances where ABCD move completes at 100% of XA (double top)
Time of XA and AD should be equal for “true” double top
Pattern failure (price moves beyond point X) may indicate strong continuation move in progress
Price may move up to at least 127.2% or 161.8% of XA
Be safe on this one..Just an observation
Strong stock so perhaps will not fall all the way to PRZ (Point of reversal zone)
Most harmonic pattern trade entries occur around “D” point within the reversal zone. It could be a Buy (in bullish patterns) or a Sell (in bearish patterns). Usually, “D” is identified by a confluence of projections, retracements, and extensions of prior swings (legs), universally called as “ point of reversal zone, and is abbreviated PRZ
A visual, geometric price/time pattern comprised of 4 consecutive price swings, or trends-it looks like a “W” on price chart.
The dreaded W..when a stock hits D in a harmonic pattern, sometimes there is a bloody pull back.
Must be valid ABCD pattern observed in move from A-to-D
Time from point XA and AD ideally in ratio and proportion
Limited instances where ABCD move completes at 100% of XA (double top)
Time of XA and AD should be equal for “true” double top
Pattern failure (price moves beyond point X) may indicate strong continuation move in progress
Price may move up to at least 127.2% or 161.8% of XA
Be safe on this one..Just an observation
Note
Crooked Ws are often bearish. Find the long wave, or the impulse wave, then draw from there
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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.
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.