This is the 5th consecutive bull week and price has now broken above the previous high so a clear break above 1.39 will keep me long.
Of course, the Gartley is busted, however I still have a potential bearish butterfly drawn on my weekly chart, with the CD leg completing at 1.3972, which is the 1.272 extension of the XA leg.
Let's see what pans out next week.
Also, I redefined the PRZ with the following:
- a the potential three drive pattern upwards at around 1,3850
- this pattern lines up with an inverted extension of the 1,618% extension of the prior intermediate
This complements the possible bullish Gartley forming on my daily chart, which starts with the XA leg commencing at the Nov 2013 low.
Of course it is too early to say whether this pattern will emerge, but I do like the convergence of your CD leg completion with my CD leg start.
I will be looking for a short entry similar to yours, but perhaps a little higher because of the probability of another retest of the previous resistance around 1.3830.
If the Gartley starts to take shape then primary target would be 1.3695, with other targets down to 1.3420.
A break above 1.3900 would take me long, looking for an older target at 1.4027.