BSL 0.54% $20.43 bluescope steel limited

harmonic gartley sighted-any rebound soon?

  1. 1,268 Posts.
    Hi friends,

    The price of BSL has traced out an ideal Gartley pattern over the months and has now reached the Potential Reversal Zone (PRZ), where having completed the pattern ( the two wings are shaded pink) , it is hovering at a fibonacci cluster formed by 1.27*BC and 0.786*XA as shown on the chart below.


    The completion of the ideal Gartley and the support at the potential reversal zone often leads to a rebound, and harmonic pattern traders may be interested to watch it for trading opportunities soon. Reaching the PRZ does NOT mean that it MUST rebound, but merely that the chances of a rebound is much greater with the completion of the pattern...in other words, be watchful for some movements soon. I've shown the MACD below the price chart. If there is no extension to the pattern, watch the MACD for a possible positive crossover to trigger the rebound.

    Also, feedback from a fellow trader in this forum suggested I should highlight that sharp knives are awaiting at the back room...and so I'd like to say there is ZERO value in my charts for use in trading, my charts are absolutely unreliable, both in the past and future, and have been posted solely for pure entertainment purposes.
    Read them with the highest dose of skepticism and take them with a heavy pinch of salt as well.

    I hope you have been sufficiently entertained by the chart today.

    dascore

 
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Last
$20.43
Change
0.110(0.54%)
Mkt cap ! $8.990B
Open High Low Value Volume
$20.32 $20.58 $20.15 $35.06M 1.717M

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2 308 $20.42
 

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Price($) Vol. No.
$20.43 3123 2
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Last trade - 16.10pm 28/06/2024 (20 minute delay) ?
BSL (ASX) Chart
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