PLS chart, page-9840

I adapt. I don't form one plan and sit waiting for the price to fall back to 270 from 350 or whatever it was when the share is clearly running up to 566. A broken clock is always right twice a day - but wrong at every other time.

Since I day trade I will shift positions multiple time in one day depending on the pattern that appears. If I didn't I'd be a dead day trader. I have no problem recognising my mistakes and learning from them, or accepting that a pattern has not played out and a new one is forming. Your sneer kind of missed the mark. I consider it a point of skill to be able to recalculate and remap entire trading strategies in minutes based on actual observed data and move the trades accordingly.

I'm paying attention to you because your pick was right and because you are offering charts for consideration, although at the time, as I pointed out, there was insufficient data to be able to say which pattern was in play - rising wedge, symmetric triangle, pennant, or ending diagonal - one of them was going to be right. We had to wait and see, but no matter which it was, we all agreed the retrace was only a matter of time and starting price. This entire recent up pattern was a surprise in the first place because we generally expected the retrace to start a while back.

I think we all knew it was coming soon - in my case I thought we could get to 638 before it triggered - but you'll note I didn't say it would go up from there, but pretty much all the chartists were waiting for it to fail that wedge when it broke up from the symmetric triangle correctly, retested correctly & recovered but got stuck at the top of the inverted wedge completing the ending diagonal. Acwbagnal pointed it out a couple of days before it crashed through and I think most of us agreed that that was the pattern and we were ready when it breached the bottom diagonal if not before.

Well done on picking this pattern correctly so early but obviously be careful not to assume that getting it right once means you will get it right all the time. You have to be able to adapt and adjust as none of these patterns are certainties - they are all just different levels of probability. Note however, that the pattern you picked was a rising wedge not an ending diagonal. They look very similar but have totally different outcomes from a TA perspective. The target of a rising wedge is the breakout price minus the height of the wedge at the start (50 - 100% of the wedge). The target of an ending diagonal is the end point of a corrective wave - which has multiple possible endpoints but all are considerably below the target of a rising wedge breakout. So strictly speaking your pattern was the wrong TA pattern - but I think we pretty much all knew what you meant, so Ok.

In any case if we are purporting to apply a model such as EW theory one should probably apply the rules of that model correctly or it is just lines on the page - or invent our own model but not claim it is somebody else's model applied, but our own from original research, which is also Ok.