Long

# UPDATE #4: EURUSD:All Roads Lead to Wave 3. Focus On The Gartley

FX:EURUSD   Euro / U.S. Dollar
878 9
What I wanted to do here was to focus in solely on the Gartley that has just completed (at the .786 point. Not the .886 point which I know is also a Gartley level). I wanted to examine it further and more in depth to try to pinpoint as best I can if and when prices would turn.

Here's what I found:
1. There is a AB=CD pattern from the A point to the D point. That pattern completes at 1.08753. The .786 Gartley completion point is at 1.08758. Only a 5 pip difference.
2. The internal wave structure of the Gartley is impulse-ccorrection. XA = 5 wave impulse. A to D = combo wave flat-3-flat ( flat correction ).
3. Of course this Gartley and prices are now well within the "Goldilocks Zone" where prices are most likely to turn.

Although this Gartley (.786 Gartley ) does not finish at the bottom trend line of the larger triangle, given the AB=CD pattern having confluence with this Gartley's D point, it would justify a good point to take a LONG position for a possible ride up the along the CD leg of the larger Bearish butterfly (seen on the 4Hr Chart below and in previous posts). Just keep in mind the PRZ of this Gartley and place stops accordingly.

I am taking a long position at this point as opposed to waiting on the .886 Gartley ending point. The PRZ for this is not so large and the risk:reward is needless to say....very good.

*DISCLAIMER:

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
thank very good
Very Good !!!!
Jebanese
Thanks! Hope it helps!
Good Analysis. Thanks
BijuJohn
You're welcome! But is it a CORRECT analysis? That is the question! Hope it helps. GL!
Agree and Thanks
WangCrane
Yw!
thank so much..
ChatchaiVong
yw!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter