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!
I posted this chart some while ago and the "Megaphone" down target seems to be playing out big time! thepatternsite.com
Well this "Pennant" has taken just under 3 weeks to form which falls in line with Bulkowski's rules and at the moment has just fallen short of his target so far! If we go to absolute target(100%) then I would expect it to reach $36,210. thepatternsite.com
It could be argued we have met all the necessary conditions to fullfil the first "Bullish Divergence" and secondly the "Hidden Bullish Divergence" which the latter still playing out!
Last time we flashed green in the Gaussian Channel we had a bull run so will history repeat or rhyme? I suspect we will rest for awhile when we reach the most recent all time highs around $69,000?
This trend analysis Gaussian Channel combined with the TDIGM Oscillator works very well as a buy/sell(fast/red MA above green/slow cross = Buy & vica versa) signal albeit it as usual a lagging indicator!
I believe this Cup and Handle has broken and with all the relevant indicators i.e. fast above slow ma, 21 week ema broken and closing above - we are set for the next bull run with $42,768 being a realistic target!
I think as far as the pattern, as for the count then this is as an "Elliott Triple Combo Wave" with a five wave down to end in (z)?