WallStScalper
Long

TRX about to go long after a nice short

AMEX:TRX   TANZANIAN ROYALTY EXPL CORP
trx
130 7 0
trx
Looks like a Bullish Gartley Pattern is currently forming on the daily time frame of TRX             .

My Fibonacci Ratio analysis:
The AB leg retraced nicely to the Fibonacci 61.8% retracement level of the XA leg.
The BC             leg also retraced up to the Fibonacci 61.8% retracement level of the AB leg.
The Fibonacci 127.2% retracement of the BC             leg falls right on top of the Fibonacci 78.6% retracement level of the XA leg
The 127.2% Fibonacci extension of the AB leg is 4 handles above the 78.6% retracement level of the XA leg.

All these factors point to a potential reversal zone around Point D.

Trade plan for this setup:
Place pending order to buy at point D
Stop loss is under fib 88,6 which I see as a secure bounce area
First Target is the 38.2% fib retracement level of the AD move around 2.27
Second Target is the 61.8% fib retracement level of the AD move around 2.47

Safe trading Ladies and Gents!
@BLawrenceM
Wall St Scalper
MicroCapEquity
2 years ago
Lol, strange bc I see it at 1.60 again before the next run up. Its making new lows in 2014.
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WallStScalper PRO MicroCapEquity
2 years ago
Well i'm not so sure about that. Until proven otherwise I see it this way:
Price is right ow within a tight wedge or in EW terms in an ending diagonal - it will result in a break to the up side and a good turning point is at the 78,6 fib.
That could very well mark the end of wave 3 and a 4 up to come. The 5th wave could then very well end at the 0.886 fib after the breaking of the ED.
I see this as ending the lang down turn in the stock as it could very well result in being a wave 2 down and a 3rd to begin.
If you see it test 1.60 again then is't the 4th time around which normally means it's going lower after a dead cat bounce. But time will show. BM
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WallStScalper PRO MicroCapEquity
2 years ago
Maybe of interest... it's better being serious then laughing
Turn around... at structural support ...ABCD done!
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WallStScalper PRO MicroCapEquity
2 years ago
Of even more interest to you....maybe.... might blow your mind.... ;)
TNT for the Brain... of gold bugs
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MicroCapEquity
2 years ago
1.89 now, moving lower
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WallStScalper PRO MicroCapEquity
2 years ago
Let's see if we have a move a little bit lower monday or early next week - but it's the buy area here
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ColeNed
2 years ago
your B point is to high to be a gartley. a gartley will be at an 88.6. If price goes down to an 88.6 you will have a new BAT pattern. that is because your b point falls between the 38.2 and 61.8 retracements. Better to let price come down and trade the bat.
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