Measured move of the descending traingle = bat harmonic Short

Royal Bank Of CanadaNYSE

Description

⋅ Aug 12, 2023 4:58 PM

Would be a great place for a long when we get there, could short the way down.

Invalidation = break above descending traingle.

Comment

⋅ Aug 17, 2023 3:18 AM

looks like were going to test the bottom of the triangle shortly. I dont suspect it breaks without atleast a small bounce...

Comments

ScottGoldie

⋅ Aug 15, 2023 3:50 PM

Where does imaginary line at $55 come from?

You’re expecting it plummet to this level?

BANK OF CANADA are expecting growth of 9% for 2025 up from 4% in 2024. Can we compare this to other big banks similar size ?

MikeMM

⋅ Aug 24, 2023 10:28 PM

@ScottGoldie, It is the measurement of the move from top of triangle to bottom. Which is generally the target if it breaks.

Then it is also the pattern completion of the harmonic.

Cant tell you exactly what will cause the capitulation, i could take a guess, like maybe their mortgage portfolio?

but yeah, something will generally be in the news to "explain" why its going down. Cause humans need an explenation, right?

I could see another bounce before it breaks, well see. Ultimately i do think these targets are met.

BANK OF AMERICA is a chart I would suggest, and even that i think goes lower, but at least most of the move in BAC is already done.

EDIT: the line at 54 i thought you meant the yellow one down, but the blue one is a support zone at a place market participants will likely be bidding based on past market structure (covid lows)