What: Bearish pattern
Why: Rising wedge breaks below trend line
Fundamental: Bank stocks had a decent rally this year partly due to the increasing odds of a rate hike but that's probably priced in by now. Looking for a 10%+ pull back in the coming months.
Profit Target: Price target at $49 on 2/2/17
In this overall DT, AA tried to recover two times which we see, how price was moving above the PB-Fork's CL.
Now, price again fell below and pulled back to it.
This time it will blow off at least down to the MLH.
The buy climax and 39 moving average gap bar (small PB) bull trend is transitioning into a trading range, as the bears went for their breakout below. This is the biggest bar with a bear close since 2008.
The 13 month long tight trading range
The moving average (20 bar EMA)
The prior higher low
The tight bull ...
monthly uptrendig intact
natural PB to lower extreme
seems that major pendulum swing has fullfilled its job, since the sinus wave looks completed
also the minor sin. wave completed
orderly former flow to the downside
pressing - major fish in the pond wants cheaper price to fill ...