GBPAUD - 1D - Gartley inside Trendchannel
We technically have room for 1 more downwave if we review this as a 5 wave structure with a third wave extention.
with a bit of goodwill on the XA leg we can see a nice gartley forming that will retest the uppertrendline (better visible on a 4h i guess)
while downside potential is certainly there id suggest taking half position off early and bringing stops to breakeven asap. runaway targets would be a retest of the lows or a retest of the lower trendline. but since the lower trendline has no steep angle its probably not worth hoping for a break of the lows for a mediocre gain retesting the lower line
with a bit of goodwill on the XA leg we can see a nice gartley forming that will retest the uppertrendline (better visible on a 4h i guess)
while downside potential is certainly there id suggest taking half position off early and bringing stops to breakeven asap. runaway targets would be a retest of the lows or a retest of the lower trendline. but since the lower trendline has no steep angle its probably not worth hoping for a break of the lows for a mediocre gain retesting the lower line
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Disclaimer
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.