Nico.Muselle
Long

GARTLEY PATTERN ON EURNZD 240

FX:EURNZD   Euro Fx/New Zealand Dollar
A Gartley pattern is potentially setting up on the EURNZD             4h chart. If it completes around 1.5850 it will have reached a previous structure level (see the red dotted line) where support might now turn into resistance and price can bounce off and rally. The Fib extensions of AB and CB             align perfectly with this level.

2 potential targets, 0.382 and 0.618 retracements of the AD movement are at structure as well.

I might have a shot at this one, once it completes
What do the thin trend lines represent?
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They are just the trend lines of the Fibonacci retracements, forgot to remove them from the drawing. Nothing special to look at :)
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Do you think the today's 'bullish move' is only a market correction?
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Nico.Muselle MOD luis.ahedo.18
Yes it is just market correction. No new structure highs were reached so as far as I'm concerned, the pattern is still valid.
We rarely have a straight rush from high to low or the other way around, it could even move sideways for some time now before it goes further down.

Remember : a pattern is just a prediction of which way the market might go, it's never a certainty :)
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luis.ahedo.18 Nico.Muselle
yes, thank you
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