If the bullish Gartley fails, I will expect a bounce off of the Wolfe Wave. It will/Should bounce off of the line drawn from point 1&4.
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Reversal Patterns
- Thread starter gartley222
- Start date
Quote from John Merchant:
Gart my man. Why do you persist in drawing such short term charts? The smart bet would be express elevator to hell looking at the attached daily chart.
I know. I said in my post, if the Gartley pattern fails the next target is based off of a wolfe wave. It would hit the line drawn from point 1-4, which would be around $22 and change. My chart also starts from Sept. like your chart.
Thanks for the posts, I enjoy the perspectives.
Of course all my posts are bullshit. Total guesses. But my point is that it is wise to look at the longest timeframe in which it is possible to identify a clear trend, whether that is days or minutes. Go as far back as you have to to draw a trend. Not saying you shouldn't trade short term trends, fuck, my longest day trades are in minutes, but at least give yourself a longer perspective. IMO it is absolutely essential if you are making decisions on trades you want to last for months, like 401K decisions.
Quote from John Merchant:
Of course all my posts are bullshit. Total guesses. But my point is that it is wise to look at the longest timeframe in which it is possible to identify a clear trend, whether that is days or minutes. Go as far back as you have to to draw a trend. Not saying you shouldn't trade short term trends, fuck, my longest day trades are in minutes, but at least give yourself a longer perspective. IMO it is absolutely essential if you are making decisions on trades you want to last for months, like 401K decisions.
Thank you very much for the insite. Here is a looooong term chart for you on Wallgreens. Looks bearish to me. Also I dont think your Charts are Bullshit........They have done very well on your post old possum............
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Not THAT long, haha! This is totally fucking amazing. My 1 day chart I would interpret as bullish because of the "failed" FTT in August '04 and the BO from the recent consolidation. I would bet on a BO of the upper channel line, haha! Tea leaves! Chicken bones!
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YOu would have said the same thing back in OCT/NOV of an upward break. The upper channel is clearly showing the resistance. For it to double top and break down through 40 by march is clearly reasonable