Better Be Quick With Your Make Up

• Posted by Greg Harmon
• on April 29th, 2014

Every guy thinks this as their wife or girlfriend is getting ready to go out. But noone will ever say for fear of being shut off. Don’t pretend you don’t know what I mean. I am safe as my wife does not read my blog. But if you get caught saying this out loud then I have an out here for you. It is all about Estee Lauder, $EL, and its stock price. Take a look.

The chart above shows Estee Lauder breaking out above resistance at 72.30 on Tuesday. This is a trigger to enter into a long trade in the stock against a stop just below that trigger. The pattern suggest a Measured Move higher to 76 on the break out, a 7:1 or better reward to risk ratio if it gets there. But you can also see that it has traced out a Perfect Bearish Gartley and is just over the potential Reversal Zone (PRZ) at 72.60. If it prints a Terminal Price Bar by moving back below that level the pattern targets a move to the 38.2% Fibonacci or the 61.8% Fibonacci retracement level, at 70.72 or 68.01. So you had better be quick and nimble with your make up.

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