ABC Bullish Symmetrical TriangleI took a second look and this also lines up as ABC Bullish. The Fib retracement indicator on here is helpful for finding C. Possible stop well below 233.20 or where you see support. The triangle bottom trendline may help reinforce a stop unless the triangle fails. Any pattern can fail and a triangle is neutral until a trendline is broken with a trend in that direction.
Short percent is 4.35%. MRNA was trading in a Parabolic Arc so volatility may persist. Price fell very, very close to the .618 fib level. The average arc falls to the .618 to .786, and often takes a breather at the .5 fib level on the way down. The ARC is a predictable pattern, in that it WILL eventually fall, but very difficult to trade on the way down.
MRNA is on the bottom trendline of a symmetrical triangle. The longer this trendline holds, the stronger the support of that trendline can become. There is resistance at the top of the symmetrical triangle that may affect targets going up.
The target is D. ABC Bullish is a measured move down, a pull back pattern. There is also a bearish version. Targets are calculated using the AB leg and fib levels.
Anyone who has traded this knows it is extremely volatile. News can change tomorrow. MRNA rises and falls with virus cases or media exploitation.
I am thinking the media will keep folks as afraid as possible until they are told to change their narrative by those who guide them, and it is winter. We have many more cases of documented influenza cases in my state than Omicron, like 10 to 15 times as many, but you do not hear about these on the news. Unfortunately, many folks did not get their yearly flu vaccine due to a state of panic to get their Covid Vax. So the hospital I work in has an abundance of people dying from Influenza right now. )o: I do not think we will ever hear about this on the news though.
No recommendation/Be safe and Happy New Year!
