HomeFreeFB -10-19-15

Success!

Today FB entered the PRZ of the XABCD pattern on the 30min chart as we had set out when it surpassed the entry for a possible CD leg.

And if you have followed the harmonic patterns for a while, then by now you shouldn’t be surprised that the HOD was just 2 pennies shy of the 127%XA.

FB-10-19_30min

Jumped on some calls again just after the pullback in the first 15 minutes. This low resulted again in a AB=CD, with price reversing at the PRZ midday.

FB-10-19_1mina

The subsequent low was just around the 88.6%XA.

The Point A of the bullish pattern in yellow at the 12:01PM high, now turned into a Point X, and the low around the 78.6%XA at 1:36PM turned into a point B, of a new XABCD pattern.

Last bar of the day, was within 3 pennies of the 113%XA

FB-10-19_1minb

FB has been trading perfectly according the various harmonic patterns on the 1 to 5 min timeframes, up to the AB=CD PRZ of the aforementioned 30 min chart.

I will continue looking to buy pullbacks at bullish PRZ’s on the small timeframes, but start being more cautious, since a larger pullback is starting to become more probable, unless it breaks above the PRZ on the 30min chart.

If the 30min chart can break above “D” at 99.02 then we can start looking at the 161.8%XA target, however we do have to observe the all time high at 99.24.

Which by the way is pretty much inline with the 161.8%XA of todays 1min chart 99.12.

 


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