For this "Big W" pattern to be valid we have to assume the swing high, swing low pivot levels are valid in the context of Bulkowski's formula? Bulkowski's Big W Pattern :- thepatternsite.com
This "Cup and Handle" pattern appears to have more validity as time goes by with Absolute(A) and Bulkowski Up Targets as per chart! Bulkowski Cup and Handle Pattern:- thepatternsite.com
Its seems my previous post may have been premature but this possibility is still on the cards given the bullish trending nature! Bulkowski Pennant @ Tilt :- thepatternsite.com
As the pattern is still forming I cannot affirm categorically that it will play out but on probabilities there is a good chance to test recent strong lows?
As we have broken the confirmation line I feel it is necessary to post this chart right now, I hope you have already noticed the potential pattern! Bulkowski's Big W :- thepatternsite.com Big W, up breakout B + ((H - L) * 74%) Where B = D, H = A & L = B
I believe this pattern to be in play a "Bullish Continuation Pennant" with targets accordingly as set out on my chart!
This is the way I see it playing out but with triangles there is always the element of surprise! Bulkowski's "Running Triangle Elliott Wave" :- thepatternsite.com
As you can see from the chart the "Double Bottom" target was reached and breached! Bulkowski Adam & Adam Double Bottom :- thepatternsite.com
It could be argued this does indeed resemble the Harmonic Pattern of a "bearish butterfly" with targets in play for the short trade , however we may have indeed completed its short life? 1.bp.blogspot.com
An interesting junction approaching whereby Elliott wave versus Harmonics? So which will win as we are in a motive phase wave (4) or a bullish leg(CD) of a possible Bearish Pattern? We have to remember according to Elliott Wave Rules if (4) exceeds (1) then this Motive Phase down is invalidated at $28,555! Harmonic...
If Bulkowski's Bump & Run Reversal(BARR) pattern is in play then the fact we have closed above the upper diagonal on the daily time frame should signify a bullish run is active! Bulkowski's Bump & Run Reversal :- thepatternsite.com
I have posted this chart as it has the potential to have formed an Adam & Eve Double Top albeit it has to "Confirm" by breaking through the $24,764.5 level!
It does look like the "Double Bottom" target has been met and exceeded so can only hope this is the start of the bull market before it hits the open market!
It is my honest opinion we might test one more low where there is significant 'Confluence' marked on this chart where long term trend and more recent downward trends meet!
This is a follow up to my previous PnF chart targets with an added pattern that being a "Descending Broadening Wedge"!
As I have been mining this little "GEM" for sometime I think it is worth paying attention to this grey market price albeit a closed network at the moment!
I believe this to be a triple zig zag combination although it does not appear to be text book as the link attached describes, however as the saying goes if it quacks like a duck it probably is a duck!
A bullish trend and "rising" channel without doubt but pullbacks are possible near term!