Good evening ladies and gentlemen! This is my 3rd update on this potential pattern. I am kind of at a mix right now on whether or not it will play out simply because we had a confirmed Adam and Eve Double Bottom pattern. This does not mean we'll break out of the trend we've been in the past couple of months, but that being said, I am not sure if that would count as the D impulse and throw the Bullish Gartley Pattern off of the tables. If not, then this pattern is still potentially on the table. For now, we still have not broken out of the down trend we've been in. We very well could. There is no bearish divergence, although I do want to share some factors of why price reversal could happen now and that is we are currently overbought on the one hour and four hour RSI. That being said, I don't base everything off of being overbought and oversold, but I do believe the last trend we were in before we reached above $11,700 again was a resemblance of a mini parabolic move especially after breaking to the upside out of a upsloping channel. Usually in cases like this, you would have a blow off top. In my opinion, it would not be out the realms of normality to dump 38.2% to 61.8% from where we are at right now. And upon reaching these targets, it would also not come out of surprise to me that we create another mini bearish Cypher or Harmonic pattern until we eventually retest the $8,400-$8,800 range as support which is also the Pattern Completion Zone (PCZ) of the Bullish Gartley Pattern. And another coinciding factor in this, is that taking a fib from the top at nearly 14k of Impulse A to potentially Impulse D at $8,400ish support at the PCZ gives us our 1.618 fib target right at resistance of about $17,100. For now, this obviously remains speculation, but I do want to bring another perspective that helps my case with the Potential Bullish Gartley Pattern. And that is basically opening up the larger time frames (Daily/weekly) and looking at the $3,000 to $14,000 price range as one impulse up. Look right and you'll see Down Sloping Consolidation (Bull Flag after an impulse up) which also signifies a bullish continuation pattern Hence the Potential Bullish Gartley Pattern. Downward sloping consolidation after a major impulse up is extremely healthy price action in the market and is usually a really good sign. So, I will end things here and keep you guys updated as well, but I am still in strong belief of the potentiality of this pattern! :D
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.