Well, after breaking the down trend we've been in, I don't think the Bullish Gartley Pattern is on the table anymore. But that being said, we do have one more target of the measured move of the Adam and Even Double Bottom pattern! That measured move is close to the .886 which would also be the PCZ of the Bearish Bat pattern! Before taking a short position, I do recommend watching for bearish divergence on the one hour and four hour indicators! We are still in overbought conditions, but that is okay, you can continue to run up! But, $12,700 area is a very possible target in my opinion! But we will see! If this does play out, I do recommend placing a stop above the 100% retrace wick at around $13,200ish! You have a stop risk of about 3.8% with potential targets of $11,320, $10,463, $9,486 and the 100% retrace at around $9,070! Lets see how this goes ladies and gents! :D I have taken profit on most of my longs, although, like I stated before, I did keep a little just in case we hit the measured move of the Adam and Eve breakout! But we also now have a potential Bearish Bat pattern in play!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.