andrewunknown

AEO: Descending Triangle Looks for 14

BATS:AEO   AMERICAN EAGLE OUTFITTERS NEW
111 3 0
Descending Triangle at 78.6% retracement of AEO's 2007 high-2009 low range; Broken at 18, measured move targets support cluster near 14.
Poof! Looks solid - good call. We have seen this head-fake play out a few times lately, but technically and fundamentally it seems like a sound call.
snapshot
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andrewunknown DuncanParker
nice - I actually drew that, but discarded it for simplicity (always a struggle to prioritize scenarios). An alternate thesis along this line is to treat the late 2009/early 2010 high near 16 as point B in a harmonic bearish bat, putting the falling wedge here into the context of a continuation pattern toward an 88.6% retracement of the 2007-2009 range, placing the PRZ somewhere around 24. No position in this, so FWIW I see the descending triangle scenario as plausible until it indicates otherwise - leading candidate for a reversal near-term, I think, is wedge support in confluence with the aforementioned 2009/2010 peaks at 16.
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DuncanParker PRO andrewunknown
Thx bro!
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