YEMbat

(NYSE: W) 1H Bull Deep Gartley with embedded Bull Butterfly

Panjang
NYSE:W   Wayfair Inc.
This is a pretty setup to my eye. There is a larger Deep Gartley in place that has an unusually shallow AC retracement. Embedded within this larger structure is a Butterfly pattern that has extended to it's HOP. An entry confirmation line was printed some bars ago and price is in the process of retesting/stop-hunting. RSI has turned above 30 and PPO has signaled a buy. It would come as no surprise to see price continue to bounce around here for a spell, but expect a minimal natural harmonic reaction to .236 retrace level before the need to manage the position may arise. Target1&2 are plotted in green. The Deep Gartley's HOP provides the next likely support level should price continue to falter, but a more aggressive stop could be usedbelow the Butterfly's HOP due to the nature of the setup. I compromised, setting the stop more aggressively than is optimal to the Deep Gartley's HOP.
Penafian

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