I see the market in consolidation between $.74 and $.78. It appears that there is a crab pattern forming with a potential reversal zone at the .72225. Upon completion of this pattern the market should rally to the 2.618 extension, or the nearest structure support which appears to be around the .79000. My stop loss is placed at 100 pips below the potential reversal...
I've been following this Penny stock down for a long time now, i thought it would be profitable when the marijuana laws became more relaxed. I have been proven wrong and taking a %100 loss.
This flag shaped consolidation lead me to look for patterns, after finding an initial bat pattern that didn't fulfill, I started to Look for a new pattern , I believe that if the market continues to consolidate in the flag shape, then it will create a completed Gartley pattern. upon completion of the Gartley pattern , I will short the market roughly around...
In the consolidation over the past few weeks on the USD/JPY charts, a Gartley pattern has appeared. According the the structure, it appears as though there will be a dramatic dip in the market with some serious gain. The stop should be placed at the top of the flag, while the limit should be placed at the bottom of the flag. With any luck, we will get some good...
Market should rally to the .618 retracement and then short to about the 1.618 extention