ILMN fell from a long term rising narrowing wedge that was obviously bearish..
Looks to have found a bottom..
ABCD patterns are actually a measured move down and is usually a correction pattern within a larger pattern..
R overhead as there is with any security that has pulled back this far...
The long term trend is up..takes a lot of energy to change a trend..
Bollinger bands are contracting a bit..NV and OBV are high showing interest..short interest 3%
Not a recommendation
Looks to have found a bottom..
ABCD patterns are actually a measured move down and is usually a correction pattern within a larger pattern..
R overhead as there is with any security that has pulled back this far...
The long term trend is up..takes a lot of energy to change a trend..
Bollinger bands are contracting a bit..NV and OBV are high showing interest..short interest 3%
Not a recommendation
Comment:
Encountering R after move up today. ABC bullish is a correction pattern. Targets are calculated using the AB leg and fib level 0.38, 0.62, 0.79...in a bullish stock in a bullish market, you can add targets 2 (T2) at 100%, 1.27% and 161%. As a rule, a pull back or overbought conditions ensue after T1..so T 2 are long term targets
Comment:
D is the target so this is an ABCD pattern. (someone asked me where D was) When target is hit, at D, it is time to move on unless you are a long term hold type investor that does not sell highs. This is a measured move down or a correction pattern that supposedly goes up at C..so stop goes below C. Patterns fail..like BABA did. BABA is trading in a megaphone pattern at the moment.
The only thing that doesnt change..is change (o:
The only thing that doesnt change..is change (o: