Several patterns are in play in NYA composite
The last 6 month NYA has made several harmonic patterns as shown on the chart (See chart below). The latest is a 5-0 pattern and a ABCD in spe. That should bring a price target of 10120
Last week price created an island reversal
For the time being I see price action has made a possible harmonic ABC move (not EW) with a possible D move in the cards.
That will bring price action to a gap support area completing a harmonic ABCD.
With this move price action will define a possible neckline and a bounce area around 10440 for a right shoulder in a possible SHS.
How high will price bounce? It will depend of conviction. I have placed a fib to shown normal areas. If bounce will as high as left shoulder then price will make a 61.8 retrace....remember this is if and if... so hard to tell.
The SHS - should neckline break - has a target that approx correspond with the 5-0 pattern. around 10160 at a 61.8 retrace of February low and the top in May
As always... time will show!
Safe trading Ladies and Gents!
BM
MUSIC AT WORK:
open.spotify.com/tra...M6SHzRlL4uSdgRTQtH33
www.youtube.com/watch?v=nfszIaib...
The last 6 month NYA has made several harmonic patterns as shown on the chart (See chart below). The latest is a 5-0 pattern and a ABCD in spe. That should bring a price target of 10120
Last week price created an island reversal
For the time being I see price action has made a possible harmonic ABC move (not EW) with a possible D move in the cards.
That will bring price action to a gap support area completing a harmonic ABCD.
With this move price action will define a possible neckline and a bounce area around 10440 for a right shoulder in a possible SHS.
How high will price bounce? It will depend of conviction. I have placed a fib to shown normal areas. If bounce will as high as left shoulder then price will make a 61.8 retrace....remember this is if and if... so hard to tell.
The SHS - should neckline break - has a target that approx correspond with the 5-0 pattern. around 10160 at a 61.8 retrace of February low and the top in May
As always... time will show!
Safe trading Ladies and Gents!
BM
MUSIC AT WORK:
open.spotify.com/tra...M6SHzRlL4uSdgRTQtH33
www.youtube.com/watch?v=nfszIaib...