ABC BullishPossible stop below C but good to place it at least 5 to 10 cents below C as C is sometimes retested
Long entry when price breaks the BC leg with an uptrend..
Targets calculated from length of AB leg using fib levels. Fib levels are not as easy to use sometimes as they sound. Figuring out where to place them can be a task and I never used them until the last year or so. They are often correct, but sometimes they are not (Like most trading tools I suppose). The first issue is created by the series of Fibonacci lines that can be drawn at each significant turn or pivot point: After a stock has zigged and zagged a few times, the resulting pivot points create a cacophony of levels that can render a chart unreadable. And I like a clean looking chart and I use very few indicators so Fibonacci and I do not always work out. I love them for calculating targets though and they can come in useful for trying to pin point turns in the market as well.
I suppose RCL just had to go fill that gap down there!
ABC Bullish patterns are a a measured move down within a larger measured move up. It's a stop run of the first pullback after an aggressive move to the upside that signifies more potential in the direction of the larger move. Being sure you are at C can be a challenge and often price will retest C at least once or more. But getting in close to C is usually about as safe as I feel I can get in trading IF it is a valid C.
C needs to be above A in this particular ABC pattern. If not, you are looking at another harmonic pattern perhaps. IE..the gartley pattern can make you think you have a double top with the second top lower, but in the end it is a bullish pattern There are bearish versions of all harmonic patterns.
There are no rising wedges in the yearly chart.
Not a recommendation
Understand that most problems are a good sign. Problems can indicate that progress is being made and you are moving toward your goals. Sometimes best to be leery when you have no problems. Then you've really got a problem ... Problems can be like landmarks of progress
