fxkronk

CADJPY: Bearish Gartley & Butterfly Pattern in Corrective Wave

Short
FX:CADJPY   Canadian Dollar / Japanese Yen
After a very sharp impulsive wave to the downside we see price in a corrective wave. In this wave we see two bearish harmonic patterns ( butterfly & gartley ) with their D points very close to each other. I believe that if price reaches that zone it will start moving to the downside with a target at 1.27 of the big impulsive leg.

Entry Point: 93.185
Stoploss: 95.505
Profit Target: 85.180

Comments

I have got a pretty different idea. Please have a look at this chart.
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fxkronk Dinkan
Can you please name your orange pattern?
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Dinkan fxkronk
In fact, it is Gatley. But, I use fibo extension (127) to decide the point D. However, it is pretty close to 78.6% of XA. Another way to filter spikes.
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fxkronk Dinkan
You better indetify D point using the retracement tool.. Point D should be at 0.786 of XA.. Your D point is higher than point X which makes this gartley invalid. No offense, just my opinion. I wish you good luck..! :)
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Dinkan fxkronk
CD can also be an extension of 127.2 to 161.8 of AB. Thank you for sharing your idea
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fxkronk Dinkan
What ever your plan is try to be bearish on this market at the moment.. Have a look of at weekly timeframe..
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