GSK only falling in a corrective pattern
On the hourly timeframe, the decline in GSK beginning in Aug 2016 can't be counted as an impulse for sure.
Maybe it's a leading diagonal that I'm not seeing, but I believe probabilities are best interpreted as a WXY pattern as labeled.
Which implies it is a 2nd X wave down in a larger WXY (Ending Diagonal) pattern depending on how you interpret the Feb lows.
I anticipate the potential for a Bullish reversal at the Red Oval 41.21 ending in 5 waves down for leg c of y of X.
My plan is to catch it on the way up if divergence exists, or late on positive reversal first pullback with a Lower Blue descending trendline break.
Long trade up into the Green Oval near 46.50.
Initial stop below wherever the c leg terminates near 41.27.
Duration on this is probably into Jan of 2017.
Maybe it's a leading diagonal that I'm not seeing, but I believe probabilities are best interpreted as a WXY pattern as labeled.
Which implies it is a 2nd X wave down in a larger WXY (Ending Diagonal) pattern depending on how you interpret the Feb lows.
I anticipate the potential for a Bullish reversal at the Red Oval 41.21 ending in 5 waves down for leg c of y of X.
My plan is to catch it on the way up if divergence exists, or late on positive reversal first pullback with a Lower Blue descending trendline break.
Long trade up into the Green Oval near 46.50.
Initial stop below wherever the c leg terminates near 41.27.
Duration on this is probably into Jan of 2017.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.