Rainy market day for sure )o:
A crooked M and stopped near the .886 after a gap down. Price is around 150 dollars right now from the low of 2099.12. As I write this price is at 2155.55. Healthy gap down candle right this second but can change by close. I like to see buyers come in when a stock loses so much in one day.
This looks like a Bull Shark as peak 2 is higher than peak 1. The 2nd leg pulled to the .5 fib level and the shark has no true rules for the 2nd leg retracement. For now, it landed at the .886 of the first leg up, or the impulse wave. It passed the .786 on this nose dive, so for me, it is not a Cypher. The retracement, 2nd leg, of the Cypher does have rules and the .5 falls within those rules, but it passed the .786 so the Cypher is ruled out for me. The last leg of a Cypher is the .786, or close, of the entire structure (beginning of the impulse wave to the highest peak, and the shark final leg is calculated using the first peak. I get these 2 confused until the point of completion is reached.
the shark is labeled OXABC. The Cypher is labeled XABCD. Maybe to differentiate them because they are similar.
The shark is considered to be a reversal pattern.
Bad day in the market for sure. I am like, holy cow Mr. Market. Happy Thanksgiving to you too!
No recommendation
A crooked M and stopped near the .886 after a gap down. Price is around 150 dollars right now from the low of 2099.12. As I write this price is at 2155.55. Healthy gap down candle right this second but can change by close. I like to see buyers come in when a stock loses so much in one day.
This looks like a Bull Shark as peak 2 is higher than peak 1. The 2nd leg pulled to the .5 fib level and the shark has no true rules for the 2nd leg retracement. For now, it landed at the .886 of the first leg up, or the impulse wave. It passed the .786 on this nose dive, so for me, it is not a Cypher. The retracement, 2nd leg, of the Cypher does have rules and the .5 falls within those rules, but it passed the .786 so the Cypher is ruled out for me. The last leg of a Cypher is the .786, or close, of the entire structure (beginning of the impulse wave to the highest peak, and the shark final leg is calculated using the first peak. I get these 2 confused until the point of completion is reached.
the shark is labeled OXABC. The Cypher is labeled XABCD. Maybe to differentiate them because they are similar.
The shark is considered to be a reversal pattern.
Bad day in the market for sure. I am like, holy cow Mr. Market. Happy Thanksgiving to you too!
No recommendation
Comment:
Correction $50 off of it's low today not $150 (o:
Comment:
Green dashed line should be red or orange as it is no longer support and would now be resistance since the gap down