BA appears to be trading in a gartley pattern. Harmonic patterns have precise fib levels built in, and this may or not be a Gartley, I just hope it is not the crab. Gartley pattern is very common in the markets. I would be sure there is evidence of a turn at the .786 fib level, or that it turns up tomorrow after the pull back today. Remains to be seen.
The Gartley is a bullish pattern but is bearish until the last leg (CD) hits the landing pad. I am crossing my fingers that this is not a crab pattern. When price finds D, you should see evidence of abottom forming at that point, but the lnding pad can be very volatile.
The XA leg is the impulse leg, then the AB pulls back to the .618. Point C should be lower than point A. Landing pad, or the reversal zone would be around the .786 fib level.
The bat pattern has an AB leg retracement of XA to the .382 or max to the .5 fib level, so is ruled out.
The AB retracement for the Butterfly pattern is the 78.6% of XA leg, so rule out as it did not pull back that far.
It is not a shark or a Cypher pattern because peak C is lower than peak A.
The crab pattern is similar to the gartly, but the CD leg pulls past A, to the 1.618 fib level. OUCH. This is a deep leg so I can only hope BA stays in the air and the crab stays in the water. The crab is a reversal pattern but it takes price much deeper than I am hoping BA will go.
Patterns morph and patterns fail. It may not make it down that low and market conditions mean a lot.
Airlines are down and BA seems to follow that sector.
No recommendation
The Gartley is a bullish pattern but is bearish until the last leg (CD) hits the landing pad. I am crossing my fingers that this is not a crab pattern. When price finds D, you should see evidence of abottom forming at that point, but the lnding pad can be very volatile.
The XA leg is the impulse leg, then the AB pulls back to the .618. Point C should be lower than point A. Landing pad, or the reversal zone would be around the .786 fib level.
The bat pattern has an AB leg retracement of XA to the .382 or max to the .5 fib level, so is ruled out.
The AB retracement for the Butterfly pattern is the 78.6% of XA leg, so rule out as it did not pull back that far.
It is not a shark or a Cypher pattern because peak C is lower than peak A.
The crab pattern is similar to the gartly, but the CD leg pulls past A, to the 1.618 fib level. OUCH. This is a deep leg so I can only hope BA stays in the air and the crab stays in the water. The crab is a reversal pattern but it takes price much deeper than I am hoping BA will go.
Patterns morph and patterns fail. It may not make it down that low and market conditions mean a lot.
Airlines are down and BA seems to follow that sector.
No recommendation
Comment:
And I am not sure why the diagonal green trendline is there, but obviously I put it there at some point for some reason. LOL. It may be a line I forgot to erase. Sorry
Comment:
There is a possible double bottom. If support holds, this will not be a Gartley, of course. Thx for drawing that to my attention. (o: