Hey guys, I'm sure many of you heard about the United Airlines incident which is all over the media.
I had some time to spare today and I decided to check out the charts of the company.
This is my observation
Pattern Identification
Bearish shark completes at $75.
If one were to trade UAL based purely on harmonic patterns.
EP: $75
SL: $83
TP1: $57
TP2: $41.65
The value zone to buy low for UAL will either be at $57 or $41, depending on whether there is a nice bounce off the RSI OS zone.
This makes me really question the effectiveness of Fibonacci numbers, are these numbers really that magical or could it be just a coincidence?
I had some time to spare today and I decided to check out the charts of the company.
This is my observation
Pattern Identification
Bearish shark completes at $75.
If one were to trade UAL based purely on harmonic patterns.
EP: $75
SL: $83
TP1: $57
TP2: $41.65
The value zone to buy low for UAL will either be at $57 or $41, depending on whether there is a nice bounce off the RSI OS zone.
This makes me really question the effectiveness of Fibonacci numbers, are these numbers really that magical or could it be just a coincidence?