QQQ: Retest or Failure of Bearish Gartley Pattern
Updated
In my previous NDX charts, I've used 1.41 B-C as a component of PRZ. This lead the interpretation of not fully tested PRZ.
If I use 1.27 instead of 1.41, then all the three targets in PRZ have been touched on May 14 and the reversal has happened.
Based on this view, yesterday's bar moved higher than High of T-bar, and pulled back. I don't want to see this as the failure of Bearish Gartley Pattern yet. To be sure, I prefer to see the close is higher than T-bar High (or the majority of the bar body is higher than T-bar High). Possibly it is just a retest of PRZ.
The next one or two bars will bee critical to determine if the pattern is failed or just retested.
If I use 1.27 instead of 1.41, then all the three targets in PRZ have been touched on May 14 and the reversal has happened.
Based on this view, yesterday's bar moved higher than High of T-bar, and pulled back. I don't want to see this as the failure of Bearish Gartley Pattern yet. To be sure, I prefer to see the close is higher than T-bar High (or the majority of the bar body is higher than T-bar High). Possibly it is just a retest of PRZ.
The next one or two bars will bee critical to determine if the pattern is failed or just retested.
Note
Nice upward breakout. May go into long with stop loss at the low of Thursday bar or T-bar.
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