A Bearish Gartley Pattern along with a Bearish Butterfly Pattern have formed nicely.
Last week price action completed the butterfly and just feel shy on the Gartley. Both
patterns so close together gives a good area to enter short.
The end of last weeks price action confirmed that this area is likely to be a good potential
reversal zone. Additionally, we have divergence on the RSI and this is a move
back into the underlining bearish trend.
Initial targets could be the standard .382 or .618 fib retrace of CD leg, However,
all of this factors lining up together suggests to me that we are liking heading for a
retest of the July lows around 1070's.
Last week price action completed the butterfly and just feel shy on the Gartley. Both
patterns so close together gives a good area to enter short.
The end of last weeks price action confirmed that this area is likely to be a good potential
reversal zone. Additionally, we have divergence on the RSI and this is a move
back into the underlining bearish trend.
Initial targets could be the standard .382 or .618 fib retrace of CD leg, However,
all of this factors lining up together suggests to me that we are liking heading for a
retest of the July lows around 1070's.
Comment:
This has dropped like a rock and now we are at a retest of the lows around the 1070's.