Direxion Emerging Markets Bear 3X Shares EDZ

UnknownUnicorn4041773

Also decreasing volume and I also found an AB=CD set up that finished in the same spot as well.

UnknownUnicorn4041773

Ive been wrong a few times on the formation for EDZ but I'm sure this is my final post. A near perfect Gartley has formed with price reversing right at the AB=CD 1.00 projection and a near perfect 0.618 point B. Right now would be a good time to enter the trade since price is retesting the PRZ. I'm trading this one.

UnknownUnicorn4041773

Enter at 48.79 a share, stop at 45.96. I'd probably leave out the 3rd target but to target 2 the risk/reward is 3.76. Just a side note; this may not be a shark, I'm still new to harmonic patterns. If someone could confirm for me whether or not this is a shark I'd appreciate it.

UnknownUnicorn4041773

I might be wrong with the categorization as a butterfly since AB doesnt hit 0.786 of the XA fib. It could be a bat that price went through its PRZ and continued on. That being said there is a divergence from the Stochiastic. I think a reversal is imminent, my gut says that price wont move all of the way to the 1.272. My gut tells me it may just barely pierce the PRZ.

Jackson1

Weekly chart shows Emerging markets bull run ending and bear starting. EDZ has room to run IMO

carrascocarlos

AMEX:EDZ