Stocks Break Down From Cypher Pattern!!
Stocks have begun to break down from our Gartley cypher pattern. We saw a rejection at 4224, but support from 4188, which we anticipated. If our pattern is to be trusted, we will have a profit target at the 50% retracement of the C-D segment of the Gartley pattern, which puts us at 4147. If you're in this trade, consider narrowing your stop loss to lock in profit. The Kovach OBV is still pretty flat, so we could anticipate some ranging here.
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