The bullish reversal we achieved on the weekly chart is already at risk of being negated (see chart below). There are some crying foul at the "obvious" manipulation following the over-extended bull charge, with price being beaten to lower lows. However, this is the game, and if you don't like it, play someplace else. Its entirely likely some one knew of the up coming BTC auction (gigaom.com/2014/11/17/feds-to-auction-50000-bitcoins-from-dread-pirate-roberts/?utm_source=dlvr.it&utm_medium=twitter) and needed to pump the price so they could dump for greater profits.
At any rate, neither here nor there. All we can do is follow the charts and go with what price action dictates. Forget the troll box and it's trolls. Right now we have two potential setups forming. A sloppy H&S thanks to a shallow left shoulder and a very solid Gartley. Getting back to that weekly chart, neither of these I would have considered likely but with our trend reversal at risk these trades are something to keep in mind when establishing a bearish target plan.
I am anticipating lower lows, yes. However, now that we've hit our first target PRZ (price reversal zone) for the Gartley completion, we could expect to see price move up as much as $363-$370. I do feel that the up side to this completed pattern will be limited to about .382 due to the old trend channel we're back in, as well as the historic support/resistance level at 364. Typically I take two targets on a Gartley, .382 for break even, and .618 to close. But this is a bullish pattern in a bear trending market and two targets is asking a lot.
ninjabenja
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SPYderCrusher
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good stuff NB
bhsl
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Wathing this H&S as well. There is also 4h 200 EMA right at H&S neckline which provided good support during this rally. Currently seems like it won't survive.
Maddie
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How did you calculate your target price?
I think that if this pattern would be confirmed we would be close to 310USD
441-377=64 .... and not 90
ninjabenja
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If you're referring to the 287 price target (?), it's calculated from the peak of the "head" to the "neckline" and taken as a measured move based on where we *might* see price break the neckline. I'm not sure what the numbers in your subtraction equation are relative to.
SPYderCrusher
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Great write up and couldn't agree more. Especially with:
"There are some crying foul at the "obvious" manipulation following the over-extended bull charge, with price being beaten to lower lows. However, this is the game, and if you don't like it, play someplace else."
I never understand this...no one is breaking one's arm forcing one to trade. Especially if one believes the game is so slanted, what does it say to still show up and play? Further, in any game there are tricks, so if one were to know about a trick, maybe time is better served finding ways to exploit the trick yourself.
/ rant
Also, still watching this daily P bar.
SPYderCrusher
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P bar broke down....but found that we did hit a 5 day demand line ...