This morning we sold calls at about 7am for a nice profit. We are now looking for the pullback into the point C shown around a 61.8% retracement
of this mornings gap high from yesterday's low. If we get into the buy zone indicated, We see 2 possible patterns developing ( Gartley
and Deep Crab
not shown). The pattern shown in purple is a traditional Shark
Pattern similar to the Gartley Pattern
. (the Gartley
uses a 78.6% retracement
instead of an 88.6%). The blue is an extended Shark
pattern using the 112.8% extension of XA. I like these 2 patterns the best, as it has prices terminating around previous wave 4 high, and the previous zone of the waves 3-4 of the 3rd wave down. The resistance lines shown help to point out the areas of interest.
Let's see if we can make some more money!