HON Bearish Gartley in a 0.618 Fib
The market is very close to forming an ABCD at 207.92$ in the Daily.
If we see the retracement from the previous high, we can see it is pretty much at the 0.618.
I am inputting and order there and I'm going to use a 1.5$ stop loss at 209.42.
If we see the retracement from the previous high, we can see it is pretty much at the 0.618.
I am inputting and order there and I'm going to use a 1.5$ stop loss at 209.42.
Order cancelled:
I have been stopped out of this one.
Comment:
The 0.618 retracement form the previous swing didn't work out. However, a minor ABCD (in orange) is going to be completed at 212.55$, right at the same stop at which the major ABCD (in green) from the previous swing low, also completes at the 1.27 extension.
Additionally that level is the 0.786 retracement from the high, therefore forming a Bearish Gartley with a couple of ABCDS converging at the same point.
I am inputting an order to sell short at 212.55$ with a stop 4$ above ( at 216.55).
Additionally that level is the 0.786 retracement from the high, therefore forming a Bearish Gartley with a couple of ABCDS converging at the same point.
I am inputting an order to sell short at 212.55$ with a stop 4$ above ( at 216.55).
Stop on both is 205.55$, risking 20 cents.