GBPJPY | Butterfly pattern in the making? (short-term bearish)
- Point-B validated (?)
- Point-C must reach the 38. 2% retracement of AB leg but not exceed 88.6%
+ Ascending channel pattern indicates uptrend until it breaks the support
+ Stop loss is your friend
+ Take profit depends on your risk appetite
Harmonic Butterfly Pattern:
Point-B | 78.6% of XA
Point-C | 38.2% - 88.6% of AB
Point-D | 127.2% of XA
PRZ | 161.8% - 261.8% of BC
Harmonic Gartley invalidated (tradingview.com/chart/GBPJPY/vIHjQ9PW-GBPJPY-Gartley-pattern-in-the-making/)
- Point-B validated (?)
- Point-C must reach the 38. 2% retracement of AB leg but not exceed 88.6%
+ Ascending channel pattern indicates uptrend until it breaks the support
+ Stop loss is your friend
+ Take profit depends on your risk appetite
Harmonic Butterfly Pattern:
Point-B | 78.6% of XA
Point-C | 38.2% - 88.6% of AB
Point-D | 127.2% of XA
PRZ | 161.8% - 261.8% of BC
Harmonic Gartley invalidated (tradingview.com/chart/GBPJPY/vIHjQ9PW-GBPJPY-Gartley-pattern-in-the-making/)
Note
Harmonic Butterfly pattern invalidated
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Related publications
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.