Stuck in triangle, counting the Elliot waves
This pair got stuck in a triangle after a big push up. The broken midline of the longer term uptrend channel still acts as support. Counting with the Elliot triangle wave, you can see that a C point has been established.
Shortterm short with a bearish Gartley pattern
Measuring the moves from point B, we can also see that this pair is confirming a Gartley pattern. The completion point of this pattern aligns with the projected D point of the Elliot triangle wave count.
Setup
short: 2.0478
stoploss: 2.0531
target 1: 2.0405
target 2: 2.0360
risk/reward ratio target 1 is 1:1.32
risk/reward ratio target 2 is 1:2.13
This pair got stuck in a triangle after a big push up. The broken midline of the longer term uptrend channel still acts as support. Counting with the Elliot triangle wave, you can see that a C point has been established.
Shortterm short with a bearish Gartley pattern
Measuring the moves from point B, we can also see that this pair is confirming a Gartley pattern. The completion point of this pattern aligns with the projected D point of the Elliot triangle wave count.
Setup
short: 2.0478
stoploss: 2.0531
target 1: 2.0405
target 2: 2.0360
risk/reward ratio target 1 is 1:1.32
risk/reward ratio target 2 is 1:2.13
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.
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.