Looks like our patience may have paid off, but its still a little early to tell. What's encouraging for our Bullish Gartley trade is that we have a Morning Star-like candlestick pattern combined with a Kicker-like candlestick pattern. Neither pattern is a clean textbook pattern but they sure are close. Also, we closed over the 8ema and formed a higher low. These are bullish indications.
Looks like we got some resistance from the 20sma. And we still have the 200sma and then the 50sma overhead, both of which could provide substantial resistance.
But we're looking pretty good if you just look at today's price action and the fact that the Gartley pattern is still intact.
As I said on the previous post "We'll continue to hold it until the X point is violated, which would invalidate the Gartley pattern.".
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