Earnings Beat.
ABC Bullish pattern. Today, after the beat, CD is equal to AB. You can use the magnet to move the AB leg and project it up from C.
The Auto-Fib tool on here helps you find C. C will be at the 0 fib level if it is an ABC pattern. The target is D but D can be in several different levels.
In the bearish version, leg AB would be Down.
This pattern reverses when D is met. I am not sure price is at D, so I will watch price/candles, and volume. The overall market movement can also influence targets.
Unfortunately CD does not always equal AB and can be a lesser or greater fib level than 100%. I use the .382, .618 and .786 for smaller fib levels. If this passes the 1 (100%), I use the 1.272 and the 1.618. So this can go higher, but I would be tightening my stop at this point. (Actually I sold it at market open and it may have been too soon)o:
Any pattern can fail, an could d always be on the look out for other patterns. There is a possible W pattern forming in this chart as well.
No recommendation.
If you look inside the ABC portion, there is an M pattern that measures out to be a Bullish Gartley. Leg 2 of the M hit the .618 and leg 4 hit the .786 of the first leg in the M pattern. Peak 2 is lower than peak 1. I did not draw that on here as it was not my focus for this chart. My point being there are often 2 or more patterns going on at once making Technical Analysis a tough sport (o:
ABC Bullish pattern. Today, after the beat, CD is equal to AB. You can use the magnet to move the AB leg and project it up from C.
The Auto-Fib tool on here helps you find C. C will be at the 0 fib level if it is an ABC pattern. The target is D but D can be in several different levels.
In the bearish version, leg AB would be Down.
This pattern reverses when D is met. I am not sure price is at D, so I will watch price/candles, and volume. The overall market movement can also influence targets.
Unfortunately CD does not always equal AB and can be a lesser or greater fib level than 100%. I use the .382, .618 and .786 for smaller fib levels. If this passes the 1 (100%), I use the 1.272 and the 1.618. So this can go higher, but I would be tightening my stop at this point. (Actually I sold it at market open and it may have been too soon)o:
Any pattern can fail, an could d always be on the look out for other patterns. There is a possible W pattern forming in this chart as well.
No recommendation.
If you look inside the ABC portion, there is an M pattern that measures out to be a Bullish Gartley. Leg 2 of the M hit the .618 and leg 4 hit the .786 of the first leg in the M pattern. Peak 2 is lower than peak 1. I did not draw that on here as it was not my focus for this chart. My point being there are often 2 or more patterns going on at once making Technical Analysis a tough sport (o:
Comment:
Auto-Fib Tool
BTW: There are Rising Wedges in this chart on daily and hourly well below price.
BTW: There are Rising Wedges in this chart on daily and hourly well below price.
If one understands these patterns, there are legs one can profit on by going Long and legs one can profit on going Short.
This is the one I call ABC Bullish but you do not want to stick around too long when D is met.
I did not look at RSI when I posted this chart yesterday, but it could have been overbought as price was above the top Bollinger Band set on an 80 DMA.