On my chart, I've identified TWO patterns that have confluence: a and a beraish . Both patterns D points are very close to one another. In fact, the PRZ of the would encompass the D point of the . In addtion, both these patrern's PRZ lie within a SR Zone adding to the confluence.
Obviously, due to the Gartley's fib ratios, this SR Zone and the D points of both patterns are also at/near the 78.6% retrace of the prior wave down. I have projected should prices proceed upwards towards where these patterns would become complete, the at that point should also be somewhere within oversold region as well.
Now, the 3rd beairsh pattern doesn't really have anything to do with the and the but it does give a preview of where prices may be headed eventually. And of course, it encompasses both the and the . In other words, the and the represent price action within the pattern.
Just as a thought exercise and nothing more for now, I have also drawn in a Cyoher. Of course, this does not exist at all for now as there is not even a C point established yet (it's C point would be somewhere near the D points of the Gartely and ).. But I have shown it here ONLY to give some thought as to how far prices MIGHT fall after reaching the 2 patterns. If so, then the actually would complete at/near the lower channel . If so, this would further lend credence to the validity of that . Just a thought.....
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1. The Harmonic Trader
2. Harmonic Trading Vol. I and Vol II