Bullish ABCD pattern embedded in the also bullish gartley and PA respected both, might be a good sign for BTC recovery after this big drop. On the other hand, BTC might dive even more, all the way to point X @110.2 and gartley pattern will still be valid. But, since the PA dove and retraced with a big wick signifying a support around 78.6 ret. level, high probability to recover to the 61.8 ret. level @542. The targets at this point are @38.2 for T1, resp. @61.8 for T2.
Comments
dp
⋅
Thanks.
So, the Gartley definition has been evolved significantly since Carney and Pesavento, I suppose?
fximperija
⋅
Those are my rules for any pattern, just my rules, mate. Cheers
dp
⋅
"...and gartley pattern will still be valid..."
What is the valid range for Gartley D-point (supposed to be %78.6) please?
fximperija
⋅
There's no valid range for point D, but the validity of the pattern as a whole. Any closing beyond starting point X invalidates the pattern. Closing under 110.2 not the wick. The price may punch through but the closing has to be above that price.
So, the Gartley definition has been evolved significantly since Carney and Pesavento, I suppose?