I normally have been trading futures rather than stocks but last night on CNBC's "Fast Money", Guy Adami called out Thor Industries, Inc. (THO) as a bullish bet. I thought I saw an Inverted Head & Shoulders on their chart. So I took a look at it on mine and found a textbook bullish Gartley pattern on the Weekly.
Also found a Twentyman Line pattern and an AB=CD Pattern with a 38.2% Fib pull back. Both very bullish.
So I'm long from 102.75 but I'm very skittish about the equity markets, so I'm setting a nearby target. There are many targets available for this trade. I'm using the 27.2% Fib extension of the green range, which is 106.63, and is near the .618AD of the Gartley at 105.02. It's also near the Gartley C point at 107.59. The actual Sell Limit order is for 106.50.
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