On the hourly timeframe, the decline in GSK beginning in Aug 2016 can't be counted as an impulse for sure.
Maybe it's a leading diagonal that I'm not seeing, but I believe probabilities are best interpreted as a WXY pattern as labeled.
Which implies it is a 2nd X wave down in a larger WXY (Ending Diagonal) pattern ...
It might seem as a gamble especially that the earnings are scheduled for tomorrow, but there are some convenient technical points to be taken into consideration:
1) Down Trendline broken:
2) EMA 50 Crossed above EMA 200
3) The Market Broke above a resistance now support at 43.50$, rallied a bit and now hovering ...
notes on chart. GSK bearish trend for a long time now. Looks like it is ready to make some movements higher.
Risk is high because it has been consolidating for a long time. --Not to long or short until further confirmation how price will react at downtrend line is very critical. could have a nice spike up.
GSK has been in consolidation since it topped up on Jan 1999
i reckon big move is brewing just like the lava is boiling to be oozed out of a volcano ^_^
Note: there is a scary HS pattern in orange box, if price fall below 37.50, then my bullish bias will
Was just going through my charts and i saw this pattern pattern forming here.
GSK Bullish shark could possibly complete soon on the weekly. Pattern completes at 43.00 and expires below 39.80 levels. Both of these levels of the shark pattern are shown on the chart.
This pattern has formed within some ...