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themarketzone
Oct 17, 2014 1:34 PM

Possible downward continuation setup 

Teva Pharmaceutical Industries LimitedNYSE

Description

The bearish Gartley we used in the Elite Zone to short TEVA from the 55$ zone generated a 8$ downward move in the stock.
Now that TEVA bounced from support to complete its 61.8 Fib retracement, is it the time to jump on the bearish continuation trade?
"Aggressive C sell" scenario in a possible bearish AB=CD pattern.
As long as the stock stays below broken trend line, this scenario may work.
Target - Completion of AB=CD pattern near 44$

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