It is been observed on a daily chart that the price action forms a bearish harmonic pattern known as Bearish Garltey pattern where the D leg is near to 88.6 retracement levels of XA leg and also 1.618 Fibs extension of AB leg. Now it shall retace back to 38.2% levels of AD leg at around 290 levels.
XD leg retracement is not correct. Should be around 0.786
NeeteshJain
⋅
Yes, you're right about it, I went too far while drawing it. The trade still provides good risk reward. Regards.
WaveTalks
⋅
Whenever it does sideways its like nightmare- which side will it break
nirav5
⋅
1st pattern seems correct. It's More likely Bearish Butterfly. Although D leg would have been little bit higher for the idle scenario. But other levels 0.618, 0.786 seems harmonic.
tikkuk
⋅
just a small observation : D point should not be above X for Gartley Pattern
NeeteshJain
⋅
Yes, you're correct that D leg shall not move above 1 or above X. I have corrected it below
I guess this might work :)
tikkuk
⋅
yes now looks good.. but a bit risky trade before the US election result :-) ...
NeeteshJain
⋅
You're right, it will be a high volatile day, look forward to it. Regards