UBER may or may not have found a bottom for now but the AB leg does equal the CD leg at the most recent low. Resistance overhead.
If you spot this pattern, you can use the magnet to move the AB leg and project it down from C. This pattern is not always the exact length of the AB leg though and can be an extension of that leg (making price go lower than the length of the AB leg) or it can hit the .618 or .786 fib level of the AB leg making the CD leg not quite as long as the AB leg. So far this one is equal.
The blue dashed lines show the AB and the CD legs.
I like it when they are equal (o: Just does not always work out that way! My mental stop in under 37.
ABCD patterns often look bearish , and unlike ABC bullish , which is a pull back/correction pattern, an ABCD pattern has the second valley, or low point, lower than the first B is lower than D). In an ABC bullish pattern , D is the target after price reaches C and C is higher than A in this pattern. In an ABCD pattern , D is the pattern reversal point, or the point of completion, hopefully.
No recommendation
If you spot this pattern, you can use the magnet to move the AB leg and project it down from C. This pattern is not always the exact length of the AB leg though and can be an extension of that leg (making price go lower than the length of the AB leg) or it can hit the .618 or .786 fib level of the AB leg making the CD leg not quite as long as the AB leg. So far this one is equal.
The blue dashed lines show the AB and the CD legs.
I like it when they are equal (o: Just does not always work out that way! My mental stop in under 37.
ABCD patterns often look bearish , and unlike ABC bullish , which is a pull back/correction pattern, an ABCD pattern has the second valley, or low point, lower than the first B is lower than D). In an ABC bullish pattern , D is the target after price reaches C and C is higher than A in this pattern. In an ABCD pattern , D is the pattern reversal point, or the point of completion, hopefully.
No recommendation
Comment:
I should have turned the bottom trendline of the symmetrical triangle red as UBER broke to the downside from this triangle and I did that part of the chart a while back before the break to the downside. Former support = future resistance 9/10
To get targets, you can take the AB leg and apply fib levels to the upside for both patterns.