JohnConaway

JohnConaway

Details on chart, Bullish until otherwise noted. Any pullbacks to point X may be a good time to add on this Butterfly. Initial test then fail favors a full extension of the Butterfly to 1.618, which is an extension pattern, allowing for "regrouping" before continuation of existing trend. Even when complete I'd only see it reversing 38-50% of pattern (~point X to...

JohnConaway

Bullish pattern if confirms out of consolidation.

JohnConaway Updated 

We have a *Potential*Bat here that is not yet active. If you are OK with playing C-D legs then you can wait for a convincing close above $103.4 B point. ABCD completes at $105.846 & full pattern completes at 106.868. Traditional way to play this is to wait for full completion & enter short on confirmed reaction (negative divergence or strong push from completion...

JohnConaway

In Yellow in a potential Deep Crab that has completed & could retrace (fibs on trace). However, I am more found of the potential 707 Butterfly that is almost complete here & could catch some folks offsides with the run to new highs post-Brexit. The break from the X-A leg works really well for these patterns, too (great Harmonic reactions). I'm neutral until a more...

JohnConaway Updated 

Retrace levels in green, pother levels of potential support marked as well. Possibility of tagging 27.2 then going back up to complete pattern fully. Stay nimble

JohnConaway Updated 

My view at the moment. Resistance points, confluence, & patterns noted on chart

JohnConaway Updated 

It goes against the grain of current market rhetoric but the large Bullish Bat has hit it's lowest target (75.764) & showed a good reaction from it (as well as the other major points in the PRZ including a 161.8% ext.). RSI (14) shows bullish divergence potential here as well as this new low in price is not matched with a new low in RSI. The last 3 pivot lows are...

JohnConaway Updated 

Looking at prior history (left) on this Weekly chart you can see that we're at an important area here. We can see that the Bat completed, but failed to even break to a full 27.2% retrace. We then continued on down to fully complete the H&S pattern (& 200% ext); yet again, failed to retrace even 27.2% before a low NFP pushed it back down to retest prior lows area....

JohnConaway Updated 

Needs to break B point to activate fully. Notes on chart

JohnConaway Updated 

Here is a potential C-D leg forming of a Bullish Crab. It would not 'activate' until the B point (May 26th low) is broken/closed. Indicators have been confirming at each point with solid reactions at the turns. The completion target also works well with my noted confluence. A break of the C point (June 2nd high) invalidates pattern & probably means a longer term...

JohnConaway

So, taking you a bit through my thought process. I've noted some of my fave candle patterns on the chart (3 Inside/Outsides). Whether they fail or confirm they usually give me some good tells. Also to note, in the grand scheme of things, technically the Bullish Bat (green) is still in play (large daily pattern). It didn't hit full target until 4/29 but that was ...

JohnConaway Updated 

Although this pattern did NOT hit full target of $111.479 it looks to be in full retrace mode. In combination with multiple candle formations I'm looking for at least a retest/pause of noted confluence, and a push for $108.3. If we hit that area I will re-evaluate. My area of risk would be about $110.6-75 (tolerance dependent, close or breach).

JohnConaway

Testing update function to Twitter

JohnConaway

May be a chance for consolidation/pullback here to break through this high traffic area. "Overbot" conditions support some cooling off is possible.

JohnConaway

test

JohnConaway Updated 

I'd like to see one of these B points to be fully broken. Break to the upside would be a nice play for a Bat, minimum

JohnConaway

A few possibilities here, depending on which way it breaks out of this potential pennant . The stalling at the top of the smaller pennant tells me that maybe it hasn't tested it's real bottom yet, which would fit well with the pink Gartley. This area has been congested for $BABA all year, so I believe a break, either way, could move fast; especially with Earnings...

JohnConaway

Initial look at Alphabet. Watching for move past B/C points