A Bullish Gartley harmonic pattern is potentially forming on MEG with PRZ (Potential Reversal Zone) around 3.39 (3.37~3.42 range). The recent breakdown from its B leg (3.52) gives it higher probability of completing the harmonic pattern.
Consensus on MEG
Rating: Overweight
Target Price Forecast:
- TP High = 5.80
- TP Med = 4.61
- TP Low = 3.7
- Avg TP = 4.67
Trading Plan
- Only trade the harmonic pattern once it is completed with a reversal pattern confirmation around the PRZ area (will provide an update as it unfolds or invalidated).
- Set the stop-loss a few points below the recent swing low.
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