moleman340

(SU) 30m - Bear AB=CD pattern

Short
NYSE:SU   Suncor Energy Inc.
After completing a 105 bar Bear Butterfly(purple), price had a deep reaction to T2 as it printed a 65 bar inside Bull Butterfly(teal). A strong reversal has led to the printing of a 107 bar Bear AB=CD(fat orange) and it's corresponding Entry Confirmation Line(fat orange horizontal). I have plotted a relevant upsloping Median Line set and a potential downsloping Mini-Median Line set(thick black). Note the Sliding Parallel(thick dotted black). 'As above, so below' is the principle at work here. I have also plotted several Action/Reaction Lines(dashed purple).
Price touched the AB=CD PRZ, retreated back to the Center Line and then surged to new highs towards the AB=CD's HOP @33.41. Note all the price interactions and the apparent price rejection. Also be aware that RSI has crossed below 70 and a PPO tuned to half the frequency of the last peak to peak cycle is showing Negative Divergence.
This pattern is pleasing to my eye so I went short on Friday when price broke below the low of the apparent top bar. This is a Type1 Entry. I set my stop to 3xATR. Partial profits should be taken @32.54(thick dashed purple - NHR). The remainder should be liquidated at T1 or T2.
DYDD
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