I think you are probably right ..
It seems we are going to touch 42.96$. I used Gartley pattern . It fits the graph.
I post the chart here:
(Question is what would happen after touching 42.96 will we get higher than previous highs to 60$? if yes when? Since we are playing UWT which is an ETF each month from the 19th it starts to lose its value correlation with oil as known.. )
I share the analyse , please comment if you think it is not accurate, appreciate your works !!(:
So after touching 42 we should have a bounce up to new highs ..
Hope it will work
I stay patient..
Thank you very much for all your work!
what do you think about the following Cypher bullish pattern please ,could we touch next target 50.6$ ? (after we touched 47.9-first target..)
Do you think that: as we touched point D of Gartely pattern, and rebound with an even bigger volume than Thursday, adding to that CFTC released Friday showed investors are less bearish and start to close their shorts,
that we are now ready to head up to first target - C point(53$) ?
or we are just going to be in consolidation for some time before bouncing (maybe at OPEC meeting)..
(I don't think we are going to get lower however)
Thank you for all !!
Love your works ! ,
( I see you use a lot of harmonic pattern as main tool to set up your investment, even some claim they most of the time don't work as expected ..)
I have a little something that doesn't seem to match Gartley pattern in the graph I drew in my last comment ,
Please tell me what is your opinion about it, whether you agree or I am wrong..
Gartley pattern should match following criterias :
1. move AB should be the .618 retracement of move XA.
2. move BC should be either .382 or .886 retracement of move AB.
3. if the retracement of move BC is .382 of move AB, then CD should be 1.272 of move BC.
4. consequently, if move BC is .886 of move AB, then CD should extend 1.618 of move BC.
Problem is with rule 5:
5. move CD should be .786 retracement of move XA.
But in this graph it couldn't happen!
Because according to rule 4 CD should touch 42.9$ while applying rule 5 on the graph you get that CD should stop 44.9$ !?
It is quite a contradiction ,
So is this pattern still valid here ? Please let me know your opinion