The outside return of the EURUSD has been stalling at 1.3514 level, which co-inside with the 38.2% Fibonacci retracement of the AB leg. We have significant structure around the 1.3514 level with the level forming numerous Support/Resistance points.
I think price action is going to reverse around the 1.3514 level and then move lower towards the PRZ at the 1.3250 level. If we see this move into the Price Reversal Zone, which means the Gartley Pattern completed. I expect to see a bullish reversal for at least PT1.
Since the potential Gartley that is setting up, is Bullish, and the trend is predominant Bearish. I don't expect to see a major rally to the upside. I would not look for extended targets on this trade and would be very happy to take the remainder of my position at PT2 (if we reach that level).
Comments
MarcusWyatt
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Last night we had a nice push down. It looks like we're looking good for the pattern to complete.
MarcusWyatt
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At this point, the double top has been violated on the lower time frame and the price action has rallied to the 1.3565 level. The possible Gartley is still valid, we just need to be patient and see if we get a reversal soon. Alternatively, the retracement to the B point could be a outside return forming the third leg of the Elliot wave. That could be another possibility!
MarcusWyatt
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Additionally, if you drop down to the 1h or 15m chart you can see the EURUSD put in a very nice Double Top, giving us another confirmation that the price action is intending to break to the downside.