Bullish Swivel - Example/Framework
The purpose of this post is to define a setup that I have backtested and am now seeing for a ton of names in the market. I'm going to kill 2 birds with 1 stone and also make a forecast for CAR near term. I'm not sure if there is already a conventional name for this setup, if so let me know! Otherwise, I'll be referring to it as a "swivel":
Rules:
- Let x.l be the swing low coming off a major decline, wave x.u is first upside peak following x.l
- alpha is the wave down following x.u. Alpha retraces 1.272-1.414 of x.u
- beta is the wave up following alpha. Beta extends 0.618-0.786 of alpha
- gamma is the final wave down following beta. Gamma retraces 0.618-0.786 of beta
- OMEGA is the target after the swivel completes. OMEGA extends 4.618 of gamma, or Sigma = sum of waves x.u-gamma of x.u (when ~4.618 of gamma & ~Sigma of x.u align these almost always hit)
I illustrated using CAR and will be referring to this in upcoming posts for a lot of big names that are about to see insane upside.
*** One more side note that I always see with this setup, notice the stochastic RSI forms an inverse Head and Shoulder during the swivel.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CAR near term is interesting, after hitting OMEGA back in march its pulledback nearly exactly into the swivel pocket and appears to be reforming the structure. If it can complete beta and gamma in time to align with QQQ popping any day now, then at minimum CAR will run to 250-300 by end of July. Wow.
Rules:
- Let x.l be the swing low coming off a major decline, wave x.u is first upside peak following x.l
- alpha is the wave down following x.u. Alpha retraces 1.272-1.414 of x.u
- beta is the wave up following alpha. Beta extends 0.618-0.786 of alpha
- gamma is the final wave down following beta. Gamma retraces 0.618-0.786 of beta
- OMEGA is the target after the swivel completes. OMEGA extends 4.618 of gamma, or Sigma = sum of waves x.u-gamma of x.u (when ~4.618 of gamma & ~Sigma of x.u align these almost always hit)
I illustrated using CAR and will be referring to this in upcoming posts for a lot of big names that are about to see insane upside.
*** One more side note that I always see with this setup, notice the stochastic RSI forms an inverse Head and Shoulder during the swivel.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
CAR near term is interesting, after hitting OMEGA back in march its pulledback nearly exactly into the swivel pocket and appears to be reforming the structure. If it can complete beta and gamma in time to align with QQQ popping any day now, then at minimum CAR will run to 250-300 by end of July. Wow.
Disclaimer
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.