DislikedHere's is what my flawed thinking is showing me after looking at GJ's chart in the most simplistic manner I could with a naked 1hr chart, call it my Que senses, ROTFLMAO!
Looks like we are looking at a perfect 1234 pattern or as some would call it ABCD pattern. Therefore this is what I am expecting starting next week. . .
Looking at the swing low and high from the end of the fall, let's call that (A) (212.05) and (B) (214.09) and (C) 212.76 in an ABCD/1234 pattern price should retrace at least 61.8% (C) before heading up to the (D) extension, which could be 1.618, 2.000 or 2.618.
Okay, lets test this theory out. . .
((B-A) x 61.8) - B = C
((214.05 - 212.09) x 61.8%) - 214.09 = 212.87, price went down to 212.76 before the end of Friday's close according to my charts, okay so far it's following this theory. . .
Now the D extension should either go to 1.618, 2.000 or 2.618 fib ext. before heading back down to complete this C wave. So lets take a look at where price could go. . .
((B-A) x 1.618) + C = D
((214.09-212.05) x 1.618) + 212.76 = 216.05
or
((B-A) x 1.618) + C = D
((214.09-212.05) x 2.000) + 212.76 = 216.84
or
((B-A) x 2.618 + C = D
((214.09-212.05) x 2.618) + 212.76 = 218.10
Anyone using fibs should be able to project price by clicking on the ABC price and get an estimate of where price could go if this is a true ABCD or 1234 pattern. . .
If anyone follows daily pivots, r1 =215.79, r2 = 217.12 and r3 = 218.27 which are very close to my ABCD pattern ext. Hmmmmmmm, If price goes up it has to go somewhere, Hmmmmmm. .
I guess we will see starting 2morrow. As always just another way of looking at things from a different perspective. I bought the (C) dip at the close seemed pretty low risk. I have a 50 pip stop loss but I think we won't see it that low. . .
Take a look at GU's monthly chart which looks similar to GJ's, Looking at GU's 4hr chart it looks like it has room to move up to at least 1.9647 before meeting trend line resistance if it has bottomed out for now. Also, looking at a 4hr UJ chart looks like UJ could move up and test 110.46 before meeting resistance (DOW was down over 260 points Friday and UJ stood pretty stern @ 108.83 at the close, hmmmmmmm)
Since both GU and UJ have been moving in the same direction lately we could easily calculate where price could go (110.46 x 1.9647 = 217.02), falls in line with all the numbers calculated above. . .Hmmmmmmmmm!
Not saying price couldn't go the other way but sure looks like it has all the signs of going back up before going back down.
Again this is my flawed thinking but just something else to ponder!Ignored
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