will be watching TRX this was a previous winner on the overnight hold it has since gapped up and continued to run will be looking at resistance and support mainly support I am waiting for a breakdown on this one possibly a morning panic will watch to see how this plays out. This finished below high of day but very near it and has broken morning support with a...
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A trade plan on pure technical indicators.
Research this one before trading it ... fundamentals are not strong.
It's highly speculative.
Back to the pattern...
Not a 3 drive to a bottom textbook pattern...
but if 0.50 is theeeee bottom I tend to live
with it's shape and fibs for the wolfe wave target.
3 confluence points at 0.50 is very rare and could...
Looks like a bear flag is forming after having made a double top at the 1.34
Could with the bear flag target be making a possible double bottom around 1.00
I see as a possible wave 1 up with a very short and truncated 5th wave ending at 1.34.
Second waves normally make a deep retrace so a wave 2 making dbl bottom....maybe but within reach!
TRX is beginning to show signs of bottoming making a bowtie on the 120 min chart.
On the daily chart it's challenging the Elliott wave ma13 and stopped yesterdays move at the EMA13.
Fisher and Trix system (developed by nmike and JR on this site) looks promising
Notice that the Elliott Wave EMA34 there is a gap... could come in play on further advance
I count 5 waves up from 23rd of dec 2013 - ending at the 14th of march 2014.
Since then it's been making what looks like 3 waves down within a wedge formation ...with what also looks like and impulsive (3 of 3) wave down since the 5th of may 2014.
Is it working on the 4th? (Bear flag!!!) Looks like it!
The big Q is.
Is it a 4th wave with a 5th to come?
Finishing a harmonic ABCD move at structural resistance seems to be in the cards.
The structural support and trend lines comes in between the 78.6 & 88,6 fib ...Could be making a hammer here going for the lowest fib and bounce!?!
Safe trading Ladies and Gents!
@BLawrence (I have often a quicker running updates on my Twitter account)
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...
Well on a 60 min chart it does look promising with an Andrew pitchfork (Modified Shiff) and a Bullish Gartley combined.
2.14 should be intrance low. Correspond well with a 61.8 retrace of recent swing - creating a nice right shoulder in the IHS I have shown on the daily chart and the structural area there too.
But as always time will tell:
Safe trading ladies...
I'm back from a month long vacation visiting the Canary Islands
It's playing out the way I draw my chart a month ago.... so just an update.
The stock is very bullish and so is gold. (XAUUSD).
If we are very very lucky we see a 61.8 retrace for a perfect right formed shoulder.... but doubt that it will be getting down there when it's that bullish. I do hope for a...
I'm short term bearish. But long term bullish
Looks like a x-wave up today. So took of 2/3
Chart a little messy I know but... we should see a zig zag down to yellow c
But as always...time will show
Safe trading ladies & gents!
Music at work: