Bullish butterfly pattern nn PNTV chart with target zones

7 giu 2018

After pointing out the pattern on twitter, I was asked where I see it going. I wasn't able to find much online as far as common targets for the butterfly pattern, other than points A and C. I used a common technique often used with other harmonic patterns to map out other significant resistance zones(drew a fib extension from point X to A, back down to X, then moved the bottom of it to point D). The XA leg added on top of point D is a common target for most harmonic patterns I've researched so far. Beyond that, the 1.27-1.68, 2.27-2.68, and so on are also common targets if bullish momentum continues. It just so happens that the 4.27 matches up perfectly with a very long-term trend line...