Short AUDCAD: Gartley, Alt. Bat, Wolfe Wave, Trendline & Pivot

AUDCAD is nearing the completion of two bearish advanced patterns. The pattern PRZ is confluent with a potential Wolfe Wave setup. A daily trendline may add to the resistance in the PRZ. An unhit weekly pivot sits below price to add to the bearish bias. SL is set above secondary trendline resistance. Targets are set at .382 and .618 retracements of XA. A third target is placed at the BC terminus which is confluent with the Wolfe Wave target line.

Target Risk/Reward Ratios:
T1: 0.75
T2: 1.23
T3: 2.02

Confluence in the PRZ:

• Bearish Gartley pattern completion
  
• Bearish AB=CD (Gartley)
  
• 1.272BC projection (Gartley)
  
• Bearish alternate bat pattern completion
  
• 2.24BC projection (alt. bat)
  
• 1.786AB=CD (alt bat)
  
• Bearish Wolfe Wave setup
  
• Unhit weekly pivot below price
  
• 2 daily S/R trendlines (see below)
  

3 Day Chart: Trendlines

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Order avbruten:

Trade cancelled - targets achieved before entry

Bias is now long: