possible stop under C or last pivot low
Pocket pivot (green triangle) not far under price.
ABC is corrective pattern, there is a bullish and a bearish version. The bullish pattern will start with a leg up (AB)and then has a pull back on the 2nd leg (BC). Wait for confirmation that C is actually C as if it passes u C by too much, you can be looking at a double bottom, triple bottom, inverses H&S or even a harmonic pattern.
Often the next, and last leg up, the CD leg, will be .38, .62 or .79 of the ab LEG. This can extend further to the 1.272 or 1.618 fib levels depending on the momentum of the security. If CD is 100 percent of AB, you may have an AB=CD pattern.
For an AB=CD or an ABC pattern you can use your magnet and move the AB leg placing it on top of C to get an idea where is may go.
Looks like earnings are over?
No recommendation.
Pocket pivot (green triangle) not far under price.
ABC is corrective pattern, there is a bullish and a bearish version. The bullish pattern will start with a leg up (AB)and then has a pull back on the 2nd leg (BC). Wait for confirmation that C is actually C as if it passes u C by too much, you can be looking at a double bottom, triple bottom, inverses H&S or even a harmonic pattern.
Often the next, and last leg up, the CD leg, will be .38, .62 or .79 of the ab LEG. This can extend further to the 1.272 or 1.618 fib levels depending on the momentum of the security. If CD is 100 percent of AB, you may have an AB=CD pattern.
For an AB=CD or an ABC pattern you can use your magnet and move the AB leg placing it on top of C to get an idea where is may go.
Looks like earnings are over?
No recommendation.
تعليق:
Gap down on earnings/a lot of gain noted from low to closing price.