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Rite Aid: 3 Drives Pattern & Harmonic Pullbacks
The last time I looked at this stock I had a bullish Bat Pattern on my radar, which resulted in a move back up to previous structure before continuing short. That movement down ended up being the 3rd drive in a bullish 3 Drives pattern (in yellow) and what I would expect is a minimal move back up to previous structure (orange arrows).
Typically when traders look at harmonic moves they only look at the extensions and not the retracements like in a normal AB=CD pattern. But when the market is moving harmonically it will often give us pullbacks that are equal moves to the previous pull backs. In this example a 3rd equal pullback would place us exactly at the previous structure level providing a great exit place for short term traders.
I don't follow the stock market as much as I used to so I'm not up to date on Rite Aid's fundamentals but I do know that it recently beat earnings projections, but also lowered it's earnings guidance for the second time this year. Regardless I'm still bullish this stock both as an investor and trader and this looks as good as a point as ever to enter.
Typically when traders look at harmonic moves they only look at the extensions and not the retracements like in a normal AB=CD pattern. But when the market is moving harmonically it will often give us pullbacks that are equal moves to the previous pull backs. In this example a 3rd equal pullback would place us exactly at the previous structure level providing a great exit place for short term traders.
I don't follow the stock market as much as I used to so I'm not up to date on Rite Aid's fundamentals but I do know that it recently beat earnings projections, but also lowered it's earnings guidance for the second time this year. Regardless I'm still bullish this stock both as an investor and trader and this looks as good as a point as ever to enter.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Try our NEW Trader Performance OS - traderperformanceos.com/
A complete trader development and performance improvement system
🎵Check Out My Top-Rated "TRADING COACH PODCAST" (Available On Your Favorite Podcasting App)
A complete trader development and performance improvement system
🎵Check Out My Top-Rated "TRADING COACH PODCAST" (Available On Your Favorite Podcasting App)
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.