Bat pattern completion and possible short comming up.
Cypher Pattern completion and possible short comming up.
In Oil has been a break of a triangle pattern to the upside. Price did not fell back into the triangle so there might be a rally following now to the next poosible resistance levels. Start could be from here the previous days high.
Possible bearish Gartley ahead. We are not there yet. If there is a deeper pullback or a longer trading range before we reach the Gartley completion level you should consider to wait for 1.272 extension to go short. But if price goes to completion fast it should work from there.
And another bearish Cypher pattern ahead. This time on an short term intraday timeframe. Be careful it is countertrend, and the uptrend is quite strong. I would suggest to trail stops very actively....!
Bearish Cypher pattern ahead. Target could be the latest broken resistance, because of possible support there now.
Possible reversal could target an AB=CD move into 0.5 retracement.
Bullish Gartley on the 1 H timeframe.
Very short term bearish gartley. Beware it is against the major uptrend.
Entry could be around the 0.382 retracement and stop below the 0.618. In between should be quite some support.
A little adventure with a new tool: So please be very careful with this one !! The projection of the last 2 larger declines of the past projected from the last high correspond very well with actual support and resistance lines. So if history repeats itself there are 3 corresponding short tagets ahead.
Third attempt to reverse. The last one on high volume at the channel support. We should be able to get at least a second leg up. R/R = 2:1 with target at the upper channel line a bit above AB=CD Update Apr. 4th: I will take profits now (a bit earlier) at the upper channel line (white) !
Double Top ? We are at the top of 2 longer time channels and we had a reversal bar on high volume and another reversal bar on average volume. R/R 3:1 with target at gap. Even better with target at gap fill.
Amazon had a strong double top formation and it looks like more movement to the downside. There are 2 possibilities either to go short here a bit below the 50% retracement or to wait for a second leg up, which could result in a gartley pattern completion around the 78.6% retracement. With the last one the risk - reward is much better, but you could miss the move...
Gartley pattern completion at point D is an opportunity to go short. Target at last resistance and stop above 1.272 extension of CD. R/R = 1
Double AB=CD + .786 retracement confluence. This could be a short to at least fill the last bigger gap.
AB=CD completes right at the top of the channel. Possible short with a stop above the 1.618 extension of the prior swing and a target at the top / breakout-point of that swing. R/R is 3:1 but be carefull it is countertrend against a strong move.