cbud
Short

AT&T forming a triangle for last leg down in sequence

NYSE:T   AT&T INC
25 2 1
I count a larger WXY pattern within a channel. Should be last move down into support near lower channel line. There's a Fib confluence from the triple top highs near 41 at 37.68 as a target. Yields a 2.5:1 reward.
Short trade trigger below the small triangle ascending trendline near 39.68.

It's usually poor EW trading to use the e wave or c wave highs as a stop level. Stops are supposed to go behind the a wave highs. But in this case I will use the e wave highs as I don't want to see a symmetrical rally up near 41.50 as an A-triangle B-C pattern (alternate count) and want to stop out below 40.50 if I'm wrong. I'll consider reloading short again near 41.50 if the alternate count comes true after trigger.
RSI is holding below Bearish oscillation zone and nothing overly bullish looking.
Truth is what happens in the real world; not necessarily words from a book.
mater PRO
2 months ago
Hey Buddy, in my opinion it just finished the C and this is Wave-1 before an up move on daily TF... i think the PA will confirm this in next few days but wanted to keep that option open.
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cbud mater
2 months ago
Oh for sure the decline can be over. I'm putting weight on the preceding decline w wave structure and internal legs of the triangle. Hasn't triggered yet.
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