NZD/JPY - Bearish Gartley
מעודכן
We are on the Daily chart for NZD/JPY and I'm loving what I see going on, we have a very nice 'W' shaping up which is most likely going to be a bearish gartley formation.
Measurements: I have removed the Fibonacci Retracement to keep the chart clean and simple. First off measuring from X to A this has given me my B point at 0.618. To get our C point I have gone from A to B which has given me a spot on 0.886 retracement, the wicks are over extended in this area. Then a measure of the D point going from B to C which puts it in the area of 1.13-1.618 for the completion of the D leg. The final measurement going from X to A once again to measure the connection between X and D which is 0.786. All of this is screaming a bearish gartley to me!
PRZ (Potential Reversal Zone): At the completion of the D leg I can see price stalling out just below 81.000 before making a move to the downside.
Take Profit: My first take profit zone will be around the 79.000 area to meet the level of the B point, second take profit will be at our C point between 75.000 and 74.000.
This ties in nicely with the weekly chart shown below, as you can see price has continuously hit our C point around 75.000 and 74.000 (my projected take profit) in an effort to break below this crucial level of support.
Measurements: I have removed the Fibonacci Retracement to keep the chart clean and simple. First off measuring from X to A this has given me my B point at 0.618. To get our C point I have gone from A to B which has given me a spot on 0.886 retracement, the wicks are over extended in this area. Then a measure of the D point going from B to C which puts it in the area of 1.13-1.618 for the completion of the D leg. The final measurement going from X to A once again to measure the connection between X and D which is 0.786. All of this is screaming a bearish gartley to me!
PRZ (Potential Reversal Zone): At the completion of the D leg I can see price stalling out just below 81.000 before making a move to the downside.
Take Profit: My first take profit zone will be around the 79.000 area to meet the level of the B point, second take profit will be at our C point between 75.000 and 74.000.
This ties in nicely with the weekly chart shown below, as you can see price has continuously hit our C point around 75.000 and 74.000 (my projected take profit) in an effort to break below this crucial level of support.
הערה
Price congestion, pattern could be invalid as we fail to complete the D leg.
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