A unified gartley
is about to complete. It is seen by wpr(14,-20,-80), cci
(5,3,3,80,20), prex(12) and atr(30,2.5) swing identification algorythms. Oscillator wave confirmation algorithms (wpr, cci
) are frequently used by Ellioticians, price-only swing identification algorithms (atr, pips and percent change) are commonly used by classic chart pattern traders and prex algorithm is a universal algorithm used by the majority of traders.
As a general rule a pattern with these ratios (B-point is 0.6 and C-point is 0.524) has a hiher probability to break the X-point than to reverse at 0.786XA or 0.886XA. Besides, the pattern is pretty obvious because more than one algorithms detect it.
I'd personally stay on the bearish
side in this situation.
Disclaimer: this idea demonstrates my approch, it is not a trade signal for you.