Here is the $XAL. AS seen the first small gartley pattern, took off! Now there is another similar one forming. It has not yet hit the AB=CD, but it has retraced where the red dotted line is which is a 0.786 retrace. It could take a climb from here. If not next target is the AB=CD. The climb could be 5+ points, not huge ,but something.
Reversal Patterns
- Thread starter gartley222
- Start date
SOmeone earlier this afternoon said based off of "Cramer". Google was going to $210.00....I beg to differ, however i could be wrong. Here are my thoughts anyways.
Here is a gartley reversal that completed and now is in the transition to a possible Butterfly. However, there is another interesting pattern forming, called a Wolf Wave aka three drives to a low. Nortel currently hit the 1.618 retrace and could possible bounce up to the blue line drawn from BC. If it doesn't reverse I see 2.46 in play.
You say this could happen or that could happen. Are you actually trading this? Are you gonna be trading this? Do you have an actual position on which way to play it? The reason I'm saying this is I see little value in simply saying "it will bounce or it will not bounce."
I will buy with a stop. If it reverses from where it currently is i will be in the green. If I get stopped out ill wait until the next target and get back into my position. Does that make sense to you? (not being sarcastic)
Regards,
Gart
Yes I do trade this method. I enjoy it and it has worked well for me. However like i said on my first post some people do not prefer this, which is fine by me. I believe when a trader finds something that works for them they should stick to it. This has worked so I have stuck to it. I also use some indicators, with the patterns.
Regards,
Gart
Yes. Thank you. It would also be great if you posted a follow-up on how the position works out, but that's up to you.
Ill do the updates when it completes.
Good trading,
Gart
Good trading,
Gart
Looksllike NT played kissy face with the 1.272 extension.