In todays Video I talk about 2 patterns. The 1st is a Butterfly which seems to be setting up (point B is a 78.6) and if that is the case price should move lower to form C which for me makes sense as I see missed Central Pivots (monthly & weekly) below.
That being the case I zoom into a smaller bearish Gartley which is setting up. I will look to short at D with my stop above X and then hold the position down to C (May central pivot & / or weekly from 3 weeks ago) of the bigger pattern (Butterfly) at which point I will take profit and look for an entry to trade the C D leg.
Lets see how things work out :)
Kommentera
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okay the Gartley is working its magic and price is heading lower. There are 2 logical places i see price going:
1. May monthly central pivot 2. weekly central pivot of 3 weeks ago
I will update once I think C of the bigger Butterfly pattern has formed.
Kommentera
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still doing its thing.... heading down to May central pivot
Kommentera
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1st target hit (May central pivot), next up is weekly central pivot from few weeks back. This level also happens to be this weeks S3 which could be a good place to take profit and look for an entry to the long side of the Butterfly.
Kommentera
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getting close to weekly from 3 weeks ago
Kommentera
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price has now taken out the missed weekly central pivot from a few weeks ago and went straight up to this weeks central pivot.
that could have been C in the larger Butterfly, if so I missed the entry. I will wait to see if price gets back to around this weeks S1 level before considering getting long.
Do you still think we will go down to 0.62-0.63 level?
Tnx. :)