We have been watching this chart of BA for a while on the Sunday night show. As I spotted what appears to be the final leg in a 'bearish EWT triangle' I remarked "I wonder how it's going to get up there?" Well, looks like that hasn't been a problem. Short BA in the zone shown and this thesis is wrong w/ a daily close above the red gap area.
Triangles are formed w/ 5 legs labeled a-b-c-d-e. The key is the legs of the triangles are associated w/ .618 the wave before them going in the same direction. That level is 225. However, take note of the gap present right at the .786 retracement level. Certainly could go up there ...
I don't want it to close above the gap level - that will be my stop out point.
