Fibonacci Retracement of last move down from $106 to $100 + Bearish Gartley.
.50 Fib level would have to hold around Point C ($103.23), then move up to Point D (downtrend line. $105 area) to validate. The last move, did not reach target of $95 (see below), but given the psychological strength of $100 level, I suppose I'm not surprised and maybe that move completes after this one.
Price Action is running out of room next to the downtrend line - previous 4-5 attempts didn't go so well, ending in pretty significant moves down.
Good luck, Traders.
Wait for Volume!
.50 Fib level would have to hold around Point C ($103.23), then move up to Point D (downtrend line. $105 area) to validate. The last move, did not reach target of $95 (see below), but given the psychological strength of $100 level, I suppose I'm not surprised and maybe that move completes after this one.
Price Action is running out of room next to the downtrend line - previous 4-5 attempts didn't go so well, ending in pretty significant moves down.
Good luck, Traders.
Wait for Volume!
Trade active:
Stoch RSI hanging out around 4 on the 1H Time frame. If it finds support at the .50 Fibonacci, should bring it up to point D. If history repeats and this pattern validates, still looking like a move down. Still room to crawl around the $100 line to the Descending Trend line Channel but we'll see if the bears break it down on this leg:
I'm not putting a great deal of stock in the Daily Bearish Gartley pattern, but it has given me something to think about.
I'm not putting a great deal of stock in the Daily Bearish Gartley pattern, but it has given me something to think about.
Trade active:
Numbers still look good with adjustments to price action. 1H Stoch RSI Still bottoming around 1 to .7 - could turn up and still hit upper mark. We'll find out what the market wants to do when it hits that line again - as I would expect volatility to strike again
Comment:
Pattern invalidated.