I am not one to trade or even look for such complex price patterns and believe that on the occasions immetations of such patterns do occur the usually fail somewhat... This one however has jumped out at me as being an almost perfect representation of a Bearish Gartely pattern, with price within what I call the Habitable Zone to make such a pattern valid - I have overlayed the exact levels required for this pattern. To top it off, having reached it's final retracement level the market closed with a wonderful Hanging Man candle, another quality Bearish signal.
That said, trading such patterns does not fall within my trading strategy and resistance in the form of the 50ema and 0.7100 support zone would likely keep me out of this trade regardless. Still I am quite interested to see how this plays out from a technical point of view, not discounting the Greek Debt Crisis vote or Preliminary GDP for Germany.
That said, trading such patterns does not fall within my trading strategy and resistance in the form of the 50ema and 0.7100 support zone would likely keep me out of this trade regardless. Still I am quite interested to see how this plays out from a technical point of view, not discounting the Greek Debt Crisis vote or Preliminary GDP for Germany.