glennmercer

USDCAD Short: Bearish Gartley in S/R Zone

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is nearing the completion of a bearish Gartley pattern. The PRZ falls inside of a significant S/R zone, adding to the probability of a reversal at those levels. With a potential upcoming rebound in oil this could provide a nice entry for a larger bearish move toward the missed pivots sitting below price (see related ideas). This would of course depend on price action at the target if TP is achieved. Entry is placed at .786XA with SL above X and target at .618CD.

Confluence in the PRZ:
  • .786XA ( Gartley completion)
  • 1.272BC Projection
  • AB=CD
  • S/R Zone
  • Many missed pivots below price
  • Potential long setup in USOIL
Order cancelled: Bearish Gartley pattern invalidated after BC extended below A.
Comment: Possible Bearish Wolfe Wave complete

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