EverythingForex

ANALYSIS: USDCAD: 2 Bearish Gartley's Point The Way Down

FX:USDCAD   U.S. Dollar/Canadian Dollar
6 days ago, I published a potential Gartley developing.
USDCAD 1 Gartley and 1 Cypher with Bullish Morning Star pattern

Now here we are. Prices have ALMOST reached the Gartley I had mentioned in the previous post. ALMOST because prices have not reached the D point of the .786 Gartley at 1.26380 yet.(the high of current PA is 1.26322). So DON'T jump the gun! This Gartley is not yet completed.

The Gartley I posted is a .786 Gartley (blue). However, someone else (see Akil's post under "Related Ideas" ) posted another Gartley (a 1.272 Gartley ) that makes more sense. So I have published both Gartley's here. The 1.272 Gartley (also can be called a .886 Gartley ) if filled would also contain a AB=CD harmonic pattern (as pointed out by another poster here, Ivan Labrie).

WAVE COUNT ANALYSIS

By my wave count, we are in the wave C of the larger ABC corrective wave 2. The wave 2 is part of a larger 5 wave impulse leg down.
snapshot

Within the wave C where we are now, by my count we are in wave (iv) of 5 waves up. For the short-term, question is...when and where will wave (iv) down end and wave (v) up begin?
snapshot

CONCLUSION: For now, I am on the sidelines waiting to see how thing unfold. Most likely, prices are still heading down more in wave (iv). After wave (iv) has concluded, I'll see if there is a good reason to take a long position to catch wave (v) up which would be a good trend trade. Then prices have reached the .786 Gartley D point, I'll wait to see how prices react and either take a short position or wait for the 1.272 Gartley to fill.
BIG NEWS! Want a FULL WEEK of FREE ACCESS to my member's charts & analysis? If you want it, PM me! Also, for all who PM me, you will be entered to win a FREE MONTH'S Subscription! PM me for details!
Macan
a year ago
USDCAD Fibonacci harmonic
for you my friend :)
Reply
EverythingForex PRO Macan
a year ago
Not sure what you are trying to point out to me......
Reply
Macan
a year ago
USDCAD Fibonacci harmonic
Reply
farid_ardavani
a year ago
is it time to entering short ?
Reply
EverythingForex PRO farid_ardavani
a year ago
I'm not issuing any trade signals here. Just posting my thoughts. See my most recent post on this pair. I can only tell you that I am already short on this pair. You must trade according to what you are able to risk according to the S/L for this pair. Remember, this is a DAILY Gartley so the PRZ and S/L are very large!
USDCAD: So, You Wanna Go SHORT?  B4 You Do, You Should Know...
Reply
farid_ardavani EverythingForex
a year ago
yes and there are some clues on 4HR time frame
Reply
farid_ardavani farid_ardavani
a year ago
short because of divergence and pattern completion
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out