For the last couple of days, it was thought that the price action was within a fallen wedge and expected to break up. In the recent hours a break-out occurred but not before forming a perfect bearish gartley harmonic. The target of the bearish gartley fits into a channel that the recent price action delineated. The fallen wedge turned out to be a fallen channel and no breakout occurred which implies a reversal of price downward.
I closed my longs and switched to short. Target 9.8k at which point I will long.
I closed my longs and switched to short. Target 9.8k at which point I will long.
Order cancelled:
Gartley played out only to 0.5 fib, coincide with a major support line (purple). It was basically a retrace to the fallen wedge, so wedge is still valid. Now it broke out of both wedge and channel, and double bottomed on the support of the big triangle (black line), so it is very bullish and most likely will test the top resistance of the triangle. The big triangle is apparently very much in play. I had a stop outside the the channel and flipped my position to long again. I incurred a small loss, hopefully will make up for it and more when wedge target is reached.
Trade active:
my original of September 10 is now reinforced.
