Mikoxl.
Short

A bearish Gartley pattern while consolidating

FX:GBPAUD   British Pound / Australian Dollar
Stuck in triangle, counting the Elliot waves
This pair got stuck in a triangle after a big push up. The broken midline of the longer term uptrend channel still acts as support. Counting with the Elliot triangle wave, you can see that a C point has been established.

Shortterm short with a bearish Gartley pattern
Measuring the moves from point B, we can also see that this pair is confirming a Gartley pattern . The completion point of this pattern aligns with the projected D point of the Elliot triangle wave count.

Setup
short: 2.0478
stoploss: 2.0531
target 1: 2.0405
target 2: 2.0360

risk/reward ratio target 1 is 1:1.32
risk/reward ratio target 2 is 1:2.13
Looks more like a very steep retracement on a zigzag and now a C down.
Reply
Great, I believe Carney was versed in EW...traders that don't normally draw really strange patterns that make no sense to me.
Looks solid.
Saw my updated chart? I want to short euraud and eurusd higher, so similar view.
We can go long from a lower level, probably after the 30th.
Reply
Mikoxl. PRO IvanLabrie
Yeah, it does look solid. I'm gonna check your reply and charts.
Reply
Not so solid
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