ALEF - ACBD Pattern Setup and Bullish Triangle Forming

TSX:ALEF has now ACBD Pattern setup and is forming a bullish triangle

ACBD Pattern Criteria has all been met:

• Point C formed at least at 61.8% retracement of AB leg;
  
• Point D formed at least at 127.2% extension of AB leg.
  

Point D can also occur at a distance not greater than 161.8% of AB or an extension of 138.2% to 161.8%.

Current setup:

• Entry: 127.2% of AB ($1.91)
  
• Target 1: 38.2% retracement of AD ($2.29)
  
• Target 2: 61.8% retracement of AD ($2.53)
  

Best to wait for open to see which way the price goes to see if Point D is lower. Targets 1 & 2 would adjust accordingly.

We can see the convergence of two trend lines and intersecting coincidently at the 50% retracement of Dec 24, 2018 to Feb 5, 2019 Leg. If we can break this level then that would be a good place for entry. If we can break the upper bound of the trend line then we can see a bullish triangle in play with a move equal in depth of the triangle.

Trade active:

Bullish Bat Pattern was a nearly complete but a variation of ACBD Pattern is in play. Point D was established on April 1st, 2019 when the Price Move of AB = Price Move of CD, except the distance of time was not the same. As such, my targets changed by using Fibonacci from the recent swing high instead of the swing high at C.

Entry: $1.89
Target 1: $2.60 (127.20% Fib)
Target 2: $2.82 (161.80% Fib)

Trade closed manually:

Pattern broke. Looking to find support at $1.31. Will confirm with other strategies.