Advanced pattern setups on Finex. We can see the pattern is forming within what appears to be a rising wedge formation. The rising wedge is a counter intuitive pattern which typically breaks in the opposite direction of the short term channel. The thesis here, is that once/ if we complete our Gartley at 'D' (about $233-4) we would watch for a break of the wedge.
edit: initially i had posted that the completion of the Gartely would help to lead us into two other potential patterns, not taking into consideration that the price action to the Gartley's 'D' point, would invalidate them. Rookie mistake. I left them posted below. Regardless, I'm pleased to see that the pattern completed. Looking for retracements to .382 and then .618 of AD for our TP levels. (about $229 and $224.50)
Here are the other two on Stamp, don't mind the clutter :p ... re-posted to fix an error in the text and make the levels more clear:
MagnusTradingGroup
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well spoted. I expect rejection around 233 for next 2 weeks, too.
kiross
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You only have trend lines in your TA. What ever happened to good old fashion horizontal support and resistance set at specific prices?
ninjabenja
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That's what the SCMR dynamic support and resistance levels are for. If you haven't seen the write up I did on the system from SPYderCrusher, or aren't familiar with SCMR, see the chart for more detail.