Pullback Fishing
ZG formed an ugly top and a deep pull back ensued.
Price has hit C for an ABC Bullish pattern. Sometimes C is not C and price can dive down to make a double bottom, or further. No guarantees. Price hit C twice so could call it a double bottom, but at the least, I call it a sort of confirmation.
The indicator called Auto-fib can help find C. Reverse it if need be to have the 0 at the bottom and not the top. I usually put long entry level at the .236, but it depends on resistance above as well. Sometimes the .382 works as a long entry level. This one appears to be moving so I would choose 120.70 to clear resistance I see. Long entry levels is subjective. I bought this closer to C.
I have found that when price hits that 0 on the nose, it is often an ABC bullish pattern, but not always. For example, PENN hit the 0, went up and came back down to go slightly below 0. It is not an exact science (o:
First you need to recognize the fact that you may have an ABC pattern, and you C should be above A. Finding the impulse wave which is AB is the first step. BC is the corrective leg. The stop goes under C.
You can use the targets on the Auto-fib indicator which are conservative. You can also subtract A from B, the take this number and multiply it by .38, .62 and .79 and add those targets to your long entry level. To get targets 2 if targets 2 are possible, multiply this number (B-A) x 1.272 and 1.618.
If interested in this security, just do the math (o: Any pattern can fail
No recommendation
Price has hit C for an ABC Bullish pattern. Sometimes C is not C and price can dive down to make a double bottom, or further. No guarantees. Price hit C twice so could call it a double bottom, but at the least, I call it a sort of confirmation.
The indicator called Auto-fib can help find C. Reverse it if need be to have the 0 at the bottom and not the top. I usually put long entry level at the .236, but it depends on resistance above as well. Sometimes the .382 works as a long entry level. This one appears to be moving so I would choose 120.70 to clear resistance I see. Long entry levels is subjective. I bought this closer to C.
I have found that when price hits that 0 on the nose, it is often an ABC bullish pattern, but not always. For example, PENN hit the 0, went up and came back down to go slightly below 0. It is not an exact science (o:
First you need to recognize the fact that you may have an ABC pattern, and you C should be above A. Finding the impulse wave which is AB is the first step. BC is the corrective leg. The stop goes under C.
You can use the targets on the Auto-fib indicator which are conservative. You can also subtract A from B, the take this number and multiply it by .38, .62 and .79 and add those targets to your long entry level. To get targets 2 if targets 2 are possible, multiply this number (B-A) x 1.272 and 1.618.
If interested in this security, just do the math (o: Any pattern can fail
No recommendation
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