Bearish Gartley (Possible)
This scenario will work on assumptions stated by the format "if...then..."
If the price goes below the red line(4) then hold.
THE IDEAL SCENARIO: If the price retraces to the red line(4) then it should go towards the black line(3); If the price goes above the black signal line(3) a buy is initiated.
The green line (2) is the most important one because if it's crossed then the price should go all the way to the blue line(1)
The Gartley is supported by the exact 61.8% close price retracement of the XA leg.
Fundamental support: The USD sees some pressure with the future tax policy, Korean Peninsula & a slight difference between the hard data and soft data. The rise of AUD is supported by an increased risk appetite and a good support in oil, copper, gold (assess these prices for a more "sniper" number)
If the price goes below the red line(4) then hold.
THE IDEAL SCENARIO: If the price retraces to the red line(4) then it should go towards the black line(3); If the price goes above the black signal line(3) a buy is initiated.
The green line (2) is the most important one because if it's crossed then the price should go all the way to the blue line(1)
The Gartley is supported by the exact 61.8% close price retracement of the XA leg.
Fundamental support: The USD sees some pressure with the future tax policy, Korean Peninsula & a slight difference between the hard data and soft data. The rise of AUD is supported by an increased risk appetite and a good support in oil, copper, gold (assess these prices for a more "sniper" number)
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