Bottom Fishing Watching ONLY!I have been following this one for a week or so to see how low she will go. I am watching only due to lack of support at this time.
This looks like it is trying to form a butterfly pattern. When D is below X, you are possibly looking at a butterfly or a crab. The crab is ruled out at B as it pulled back close to the .786 of the XA leg. The shark also has D below X, but in the shark pattern, C is above A, so the shark is ruled out. Price can go to the 1.618 fib level according to the crab pattern. A cypher pattern and the crab are similar, but in the cypher pattern, CD pulls to the .786 of XA. I would not want to get the crab and the cyper confused with each other. )o:
You can begin figuring out which harmonic pattern you have at the end of the AB leg. After C completes, you can rule out more patterns.
The Gartley pulls back to the .618 on the AB leg. Some folks are more flexible, but D would not be below X.
Price has passed the 1.27 fib level by a few dollars. The butterfly has a CD leg that is 1.27% of the XA leg. There is no bottom forming as of yet. Price did accelerate after hitting the low of 61.81.
Until a bottom, or consolidation begins occurring at a specified level, I am not planning to trade this.
It can be a matter of deduction to figure out which harmonic pattern you are looking at. A matter of ruling out other patterns.
Negative Volume is low and short interest is over 7% depending on where you look. Price has been making a new low almost daily. There is no support to catch this one below price so would be difficult to place a stop. AI will have to form a bottom to pull in sellers when it reaches a level that makes folks become bullish.
This is one reason I do not like trading IPOs. There is a lack of support that years of trading can provide.
No recommendation
