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The Power Of Three: IRNT

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Patterns are like X-Rays on stocks.

They telegraph their intentions.

Oftentimes stocks play out in threes:

Triple bottoms, triple tops, Head & Shoulders, Cup & Handles, Triangles, etc.

You seldom see quadruple tops or bottoms.

The 4th time through usually seals the deal for continuation… often explosively so.

On Friday, we drilled down to the hourlies on IRNT, which went on our long radar based on the late August momentum.

As you can see on the hourly IRNT below, it took off when it came out of an Angular Rule of 4 Breakout.

IRNT pulled back after testing the prior high, but the pullback put in a Misshapen Cup & Handle.

The first turndown on the hourlies, 3 hours before Friday’s close, carved out my TD buy setup on the hourlies.

After the bell, IRNT rocketed 100%.

Putting patterns together stacks the odds of surprises happening in your favor.

 

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