Good evening ladies and gentlemen! Quick update, the Bullish Gartley Pattern on the larger time scales is still a possibility in the play. My last TA posted around 9200, I did state bullish divergence and convergence as well as the possibility of short term upside. We saw just that. As of now and this is just the one hour time frame, we are seeing lower levels of negative momentum and slightly lower levels of relative strength on the RSI . With us creating higher highs, this would be considered "Class A" Bearish Divergence and you just so happen to be in overbought conditions as well as creeping on the .382-.618 retrace zones. These are our common retrace areas after a impulse down or up during a trend. As of now, the trend overall for the past month or so has been bearish . So profit taking areas would be between, well now really, but to be exact $10,649-$11,625. I am not too comfortable with holding a position past the 382 and 50% retrace simply because we have overwhelming amounts of indicators of a potential reversal in price action. This is only the one hour and the bearish divergence that does play out may not mean we'll see 8400-8800 right away, but as of now, we are entering profit taking levels for longs and other positions with a lot of coinciding variables potentially pointing to the downside! So, that being said, I will be offloading my long positions in increments between the .382 and .618 common retrace areas. I hope this helps and we'll see how this plays out. But to reiterate, the Potential Bullish Gartley Pattern is not out of the cards yet. And, I will keep you all updated on that as well. As of now, nothing has changed in my technicals other than we are seeing bearish divergence on the one hour time frame leading into the four hour!
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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.