The fall from Rising wedge has been excruciating! NEE has invalidated the cup and handle pattern in the process. The wedge won )o:
Rising wedges can fall all the way to a parallel trendline drawn horizontally from the inside wedge trendline (see orange line) I did not think NEE would fall that far or I would have sold all of it verses half of it..lol. But I am hanging in there and waiting to buy my half back (o: Most strong stocks average a 35% fall, but I guess market conditions have not helped NEE.
If this stays put and this is truly support...this could be a BAT pattern. If it falls to 2nd blue line, it would then become an alternate bat. And if Mr Market doesnt give NEE a break, it could fall even further. No guarantees, just a possible place to watch for retests and some volatility that usually exists when these land.
The standard Bat pattern is defined by the B point that is less than a 0.618 retracement of the XA leg. This one is 0.5. Typically, this structures employs a 50 percent retracement at the midpoint. There is an alternate bat pattern (wouldn't you know) that could take this to the 1.13 fib level. The bat pattern starts with an impulse wave labeled XA. B is at the 0.5 retracemnt ideally.
I got back in at 73.43. Now there is more resistance overhead..but I plan to hang long term
fdawood281
⋅
Thanks
fdawood281
⋅
What are your thoughts now?
lauralea
⋅
@fdawood281, I am hanging in there. I bought more today when it pulled back fairly deep. I am hoping it straightens out soon. I have a stop now though, and when i feel confident, I do not place stops )o:
lauralea
⋅
@fdawood281, Of course, I do not have a lot of confidence in this market in general