NZD/JPY - Bearish Gartley
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We are on the Daily chart for NZD/JPY and I'm loving what I see going on, we have a very nice 'W' shaping up which is most likely going to be a bearish gartley formation.
Measurements: I have removed the Fibonacci Retracement to keep the chart clean and simple. First off measuring from X to A this has given me my B point at 0.618. To get our C point I have gone from A to B which has given me a spot on 0.886 retracement, the wicks are over extended in this area. Then a measure of the D point going from B to C which puts it in the area of 1.13-1.618 for the completion of the D leg. The final measurement going from X to A once again to measure the connection between X and D which is 0.786. All of this is screaming a bearish gartley to me!
PRZ (Potential Reversal Zone): At the completion of the D leg I can see price stalling out just below 81.000 before making a move to the downside.
Take Profit: My first take profit zone will be around the 79.000 area to meet the level of the B point, second take profit will be at our C point between 75.000 and 74.000.
This ties in nicely with the weekly chart shown below, as you can see price has continuously hit our C point around 75.000 and 74.000 (my projected take profit) in an effort to break below this crucial level of support.
Measurements: I have removed the Fibonacci Retracement to keep the chart clean and simple. First off measuring from X to A this has given me my B point at 0.618. To get our C point I have gone from A to B which has given me a spot on 0.886 retracement, the wicks are over extended in this area. Then a measure of the D point going from B to C which puts it in the area of 1.13-1.618 for the completion of the D leg. The final measurement going from X to A once again to measure the connection between X and D which is 0.786. All of this is screaming a bearish gartley to me!
PRZ (Potential Reversal Zone): At the completion of the D leg I can see price stalling out just below 81.000 before making a move to the downside.
Take Profit: My first take profit zone will be around the 79.000 area to meet the level of the B point, second take profit will be at our C point between 75.000 and 74.000.
This ties in nicely with the weekly chart shown below, as you can see price has continuously hit our C point around 75.000 and 74.000 (my projected take profit) in an effort to break below this crucial level of support.
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Price congestion, pattern could be invalid as we fail to complete the D leg.
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