Completed (light purple): Dropped over +550 pips after
Completed (biege): Dropped +360 pips after
Complete Bat (dark purple) + Completed (green): currently has dropped over +360 pips
Gold has been on quite run for a long while. But recently, it's been under fire by both bears and bulls. Well, we all know what that means...consolidation! And that is what Gold has been doing for the past weeks. Since it's pretty obvious that it had been on a strong trend prior, then this consolidation must retrace that trend. Being that I see that previous trend as being a completed wave (3), then this consolidation is the wave (4).
There's more to come folks! And the chart has already spoken! All you need to do is listen!
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Now. if the Gartley fails (meaning prices have exceeded the X point of your Gartley) then it is possible that you can now extend the D point to a Crab pattern though. Not a butterfly. This is, of course, all dependent on the fact that you have identified all the points correctly.
Hope that helps.