Price is trying to fall from a Bearish Rising Wedge today.
Looks like a bearish W pattern, an alternative bat has completed and price is turning down. Most, not all harmonic patterns that look like a crooked W are called bearish only meaning they reverse down as a rule at the end of the 4th leg up, but there is an opportunity to go long on the last leg of that W as long as you get out in time. Crooked M patterns are called bullish as they reverse at the end of the 4th leg which is. But even with a Bullish M pattern, if you recognize the pattern, one can short the last leg down as long as you recognize that price may reverse at the end of that 4th leg down.
I have the .886 and the 1.113 marked as this may be a Bat but too soon to tell. Support is sometimes found at the hump of the W.
Thrusting candle right this second that can change by close. A thrusting candle is considered a continuation of the current trend and should not reach the half way mark of the prior candle.
Price is hanging on the .382 of the trend up since the Covid low.
Strong stock/Short interest is around 2.41%.
Earnings 2-21 and there is a mixture of analyst opinions on earnings with more negative opinions than positive ones.
Caution as I see some chartists whom I respect calling this a cup so I could be wrong. I just do not see a rounded bottom. No one is always right I guess.
No recommendation.
When you're at the end of your rope, tie a knot and hold on!
Looks like a bearish W pattern, an alternative bat has completed and price is turning down. Most, not all harmonic patterns that look like a crooked W are called bearish only meaning they reverse down as a rule at the end of the 4th leg up, but there is an opportunity to go long on the last leg of that W as long as you get out in time. Crooked M patterns are called bullish as they reverse at the end of the 4th leg which is. But even with a Bullish M pattern, if you recognize the pattern, one can short the last leg down as long as you recognize that price may reverse at the end of that 4th leg down.
I have the .886 and the 1.113 marked as this may be a Bat but too soon to tell. Support is sometimes found at the hump of the W.
Thrusting candle right this second that can change by close. A thrusting candle is considered a continuation of the current trend and should not reach the half way mark of the prior candle.
Price is hanging on the .382 of the trend up since the Covid low.
Strong stock/Short interest is around 2.41%.
Earnings 2-21 and there is a mixture of analyst opinions on earnings with more negative opinions than positive ones.
Caution as I see some chartists whom I respect calling this a cup so I could be wrong. I just do not see a rounded bottom. No one is always right I guess.
No recommendation.
When you're at the end of your rope, tie a knot and hold on!
Comment:
Nothing compares/until it doesn't
W patterns reverse at the end of the 4th leg which is UP.