A potential bull unified gartley is setting up. It is seen by wpr(14,-20,-80), cci(14,100,-100), rsi(5,70,30) and prex(10) reversal algorithms. Oscillator wave confirmation algorithms are frequently used by Ellioticians and prex algorithm is a universal algorithm used by the majority of traders.
If you have this pattern in your trade plan then...
sell in 129.438-130.666 zone. if the zone is crossed then the pattern didn't work. first target is 128.327, second target is 127.708. The targets are adjusted if price action goes deeper into the yellow zone(restretch the fibs to fit priceaction and find new 0.382 and 0.618 levels).
@ichimoko, nope. my research shows that the reversal is more likely at 0.786. I have never seen Scott Carney's stats showing how often price hits 0.886 vs. 0.786. So, we are to take his words as granted. But I have seen my own stats that show price more often doesn't hit 0.886. Moreover, the reversal zone I draw is pretty wide. It doesn't actually matter what fibonacci level will be hit when price gives a reversal signal. It will be something:)
AlfrieArnold
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Perfect analysis! Thanks again BATMAN! :)
nasser_z
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Hey bro..thanks for sharing :) ...
However, this is not at all a gartley pattern.the gartley pattern B point is never below 0.618. in addition this might be a bat pattern if it breaks above approx level 129.324 and complete further above it.
Oh and please check (the exact scott carney's ratios and don't forget to use any oversold/overbought indicators like the RSI.
This is most probably going down as per the trend direction alignment with the daily>> maybe will go up to complete a bat pattern and then continue the main down trend.
You are RIGHT if you are talking about a GARTLEY ADVANCED FORMATION (Jason Stapleton, Akil Stokes, Charles Miles, Jason Graystone, Darren Oglseby). Its B-point must be => 0.618XA.
You are WRONG if you are talking about GARTLEY HARMONIC PATTERN. it's be point should be "precise 0.618XA". Scott Carney advocates that "precise" means +/-3%. In this case the B-point can be slightly less than 0.618.
You are WRONG if you are talking about PESAVENTO GARTLEY PATTERN. it's B-point is not regulated at all. The only requirement is the ab=cd structure that terminates either at 0.618XA or at 0.786XA.
You are WRONG if you are talking about ROSS BECK TCG786 and TRG786 VARIATIONS. it's be point can be as small as 0.382XA.
And lastly...
You are WRONG if you are talking about ALEXANDER NIKITIN UNIFIED GARTLEY. it's B-point range is 0.441-0.736XA.
All these guys performed a profound market research analyzing tens of thousands of these formations and discovering their variations. All of them were/are using software to identify patterns for realtime trading and market research. Below is the list of their official software:
1) Constellation Software, Enigma Software for Gartley Advanced formation
@Alexander_Nikitin, Are you for real !!!.. i dont really understand what you are saying ?
You are imagining things and thinking that it is the right thing to do !!!!!!!!!
Alexander_Nikitin
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@nasser_z, Yep, for real. What I said is absolute truth. There are many gartley variations developed by different researchers. Scott Carney is not the only one. He is probably the most popular because he was actively promoting his books, but he is not the only one. Why don't you check it? You can easily google every name and associated patterns from the list I provided above.
but I think its bat