Bullish gartley

FX:XAUUSD   Gold Spot / U.S. Dollar
576 6 1
Deep gartley , oversold on D, H4, H1 and even M15, time to buy nuggets :)
considering that WPS1 has been broken, and that the Gartley 222 BUY BD leg is currently not a harmonic number, ie 1.303, and that a more harmonic completion point exists at around exactly the previous low (1180.33), where WPS4 also is (especially in the Gold market, weekly, monthly, and yearly pivot points are all important), i would venture to guess that that level will possibly also give us a double bottom. also, on H4 all momentum indicators have turned bearish and are far from oversold, even though if we look at the most recent volatility breakout, market is overstretched, which translates into oversold conditions just being entered on H1.

i will say that we might see a weak bounce up/retrace from here on H1 and lower TFs (no more than 38.2% on the fib retrace structure from today's Monday latest drop), and after that we will see H4 continue to unfold all the way down to the key low of 1180.33 area. so if we indeed do get a double bottom combined with a classical PRZ, that is where i will consider buying with a TP1 = 38.2% and TP2 = 50% and TP3 = 61.8%.

BUT that Gartley 222 BUY might very well get invalidated if market keeps on dropping and it could turn into a butterfly, a bat, or even a crab structures, depending on how much deeper market will plunge. so better have so stop loss in place there. let's never forget that anything is possible ;) and keep this as our guiding principle to minimize losses (if profits comes, great, but first thought is to minimize losses. good luck!)
fximperija isomorph
Thanx for a detailed explanation my friend. Yes, Gold is very unpredictable and volatile.
There is a H4 SHARK that completes within 1174-1148, so I would remain with the bears....Daily and H4 RSI are still showing the bears are in control!
BBFX: on which TF do you see that?
BBFX isomorph
thanks. i see... but XB (or AC depending what annotation scheme you use) = 2.175 and isn't it supposed to be within 1.13-1.618? at least that's what i see here: https://www.google.com/search?q=shark+harmonic+pattern&espv=210&es_sm=119&tbm=isch&tbo=u&source=univ&sa=X&ei=YgSdUu-8I8SzyAHIw4GADA&ved=0CDYQsAQ&biw=1920&bih=1200
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