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THE BULLISH GARTLEY
The Gartley pattern is complex because it deals with Fibonacci ratios.
XA - Price rises from X to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB - Price retraces from the peak A to valley B about 61.8% of the XA move.
BC - After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD - The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE:
- If price drops below X on the way to finding D, then the pattern should be ignored.
- D leg must be completed before taking any position(only adventurous can short at this level with tight stop loss)
Two different support levels needs to be broken before price will complete the D leg $3753.3 and $3632.8, with a possible target of $3400 down to $3200(only if price breaks the support level)
After completion, a bounce back to those price label on the chart.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
The Gartley pattern is complex because it deals with Fibonacci ratios.
XA - Price rises from X to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB - Price retraces from the peak A to valley B about 61.8% of the XA move.
BC - After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD - The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE:
- If price drops below X on the way to finding D, then the pattern should be ignored.
- D leg must be completed before taking any position(only adventurous can short at this level with tight stop loss)
Two different support levels needs to be broken before price will complete the D leg $3753.3 and $3632.8, with a possible target of $3400 down to $3200(only if price breaks the support level)
After completion, a bounce back to those price label on the chart.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
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