MOM broke out from an inverse head and shoulders pattern a while back. MOM reached targets and then pulled back forming an ABC corrective pattern in the process.
Possible stop under C.
MOMO has struggled with the rest of the market, but has not lost too much ground in the last wek or so.
Level A is placed at the bottom of the impulse wave, or leg up. The top is B. The corrective move down is the BC leg and C is at the bottom. Sometimes C is not C and the security can go lower. The auto-fib indicator on here can help you guess if C is C. The 0 fib level will be at C. It is also possible you are looking at a double bottom (or triple bottom etc) if C ends up close to A. If C goes below A, you are not looking at an ABC corrective pattern, but possibly another harmonic pattern or simply a security trying to find a bottom. The target for this pattern is D.
Targets are calculated using the AB leg and fib levels. There is always the possibility of a pull back before reaching those targets, as price can pull back at D (the target for an ABC pattern)and go in to another harmonic pattern like a gartley pattern. In this case, that level where the pull back occurred can be C of another harmonic pattern. There is just not way to know what the market will do.
If it is a simple ABC pattern, long entry is a break of the BC leg with an uptrend. Stop goes below C.
No recommendation
If you practice something over and over, most will succeed. I would choose being kicked by someone who practiced 100 kicks once, than by someone who practiced 1 kick a hundered times. In reality, I would choose not getting kicked at all!
Possible stop under C.
MOMO has struggled with the rest of the market, but has not lost too much ground in the last wek or so.
Level A is placed at the bottom of the impulse wave, or leg up. The top is B. The corrective move down is the BC leg and C is at the bottom. Sometimes C is not C and the security can go lower. The auto-fib indicator on here can help you guess if C is C. The 0 fib level will be at C. It is also possible you are looking at a double bottom (or triple bottom etc) if C ends up close to A. If C goes below A, you are not looking at an ABC corrective pattern, but possibly another harmonic pattern or simply a security trying to find a bottom. The target for this pattern is D.
Targets are calculated using the AB leg and fib levels. There is always the possibility of a pull back before reaching those targets, as price can pull back at D (the target for an ABC pattern)and go in to another harmonic pattern like a gartley pattern. In this case, that level where the pull back occurred can be C of another harmonic pattern. There is just not way to know what the market will do.
If it is a simple ABC pattern, long entry is a break of the BC leg with an uptrend. Stop goes below C.
No recommendation
If you practice something over and over, most will succeed. I would choose being kicked by someone who practiced 100 kicks once, than by someone who practiced 1 kick a hundered times. In reality, I would choose not getting kicked at all!