matt_forex

Bearish Gartley or Bat?

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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I'm waiting for this pattern to complete. While the pattern formation does not conform to strict Gartley and its various similar pattern rules, there seems to be Fib confluence at certain levels as seen on the chart.

Since the AUDUSD is correlated with the S&P 500 , I expect the dollar to gain some strength since traders are anticipating a pull back in the S&P .

I used different color fibs to make it easier to read

Blue = XA retracement
Black = AB retracement
Magenta= extension of BC to find potential D levels.

Stops & Targets are marked on the chart.

Comments

nice chart, thx for sharing
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Thank you for taking the time too look at my chart. What is you opinion on the pair? I'm a little concerned with this pattern since the formation is not adhering strictly the rules.
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S851 matt_forex
like the chart: dtops, measured move to 50 and bounce up, wouldnt drowe it better.
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