The Gartley was one of the first advanced harmonic patterns ever discovered by Scott Carney and continues to be one of the most successful. This bullish Gartley pattern completion is looking very promising, more so than our previous "horizon" Cypher. As you can see, we're walking down the support line from just shy of $640 heading right to our PRZ at +/- $623. Thanks goes to @MagnusTradingGroup for picking this one out of the weeds. I will absolutely be taking this trade but until the market shows that it is ready to recover to the upside, I'll be 50/50 after target 2, waiting for the next opportunity.
Gartley Pattern Requirements:
· Precise 61.8% B point retracement of XA leg.
· BC projection must not exceed 1.618.
· Equivalent AB=CD pattern is most common.
· 0.786 XA retracement.
· C point within range of 0.382-0.886 retracement.
Target 1 at 38.2% retrace level of AD
Target 2 at 61.8% retrace level of AD
Gartley Pattern Requirements:
· Precise 61.8% B point retracement of XA leg.
· BC projection must not exceed 1.618.
· Equivalent AB=CD pattern is most common.
· 0.786 XA retracement.
· C point within range of 0.382-0.886 retracement.
Target 1 at 38.2% retrace level of AD
Target 2 at 61.8% retrace level of AD