The Gartley Pattern, Tutorial (Basic)
The Gartley Pattern , is a harmonic pattern discovered by H M Gartley and outlined in his book 'Profits in the Stock market', published in 1935.
The pattern was further defined using specific Fibonacci levels by Scott Carney which he outlined in his book 'The Harmonic Trader', published in 1998.
The pattern incorporates the 78.6% retracement of XA, as the defining element in the Potential Reversal Zone (PRZ).
The B point must be at the 61.8% retracement of XA. The Gartley utilizes a minimum 127.2% projection of BC.
In addition, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 78.6% retracement of XA and the BC projection.
The pattern was further defined using specific Fibonacci levels by Scott Carney which he outlined in his book 'The Harmonic Trader', published in 1998.
The pattern incorporates the 78.6% retracement of XA, as the defining element in the Potential Reversal Zone (PRZ).
The B point must be at the 61.8% retracement of XA. The Gartley utilizes a minimum 127.2% projection of BC.
In addition, the pattern should possess a distinct AB=CD pattern that converges in the same area as the 78.6% retracement of XA and the BC projection.
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