CaptainGrumpy. find attached a current fly in play. ABC Adelaide...

CaptainGrumpy.

find attached a current fly in play. ABC Adelaide Brighton.

Key points for me are

1 - It has been a strong uptrend for 7 years going from 1.41 to 6 bucks. So this enters the high prob of a decent correction

2 - the pattern has clear X , A and B pivot points in place.

3 - So far the sym is looking good with B pivot close to the 61.8 % retrace back up of X to A

What's to be watched closely in my opinion now is the thrust out of the c pivot. C could still come down a bit yet and still be in play. Orwells great DOW chart shows that a C pivot can in fact retrace right back down to the A point. This is called a double bottom butterfly.

If the thrust out of C up to D contains gaps up then I become a bit wary as it's suggesting ongoing strength but in saying that it doesn't discount the pattern as shown in my CSL chart previously and could be exhaustion coming into play.

I have even traded the C to D leg here and will look at this after open and evaluate.

I won't go into the figures but you can work out the pot % gain from the current levels to the 127 extension at 6.25 area if the C to D leg was scalped.

Timing wise I'd be looking at this unfolding over the next 5 to 6 weeks for it to reach the possible D leg end which is where I look for a isolation inside the B/band and Div on the RSI

Hope all this makes sense

Cheers