A bullish Gartley pattern is currently forming on the GBP/NZD 8hr
Chart below. The pattern has excellent price symmetry, but the time
symmetry cannot yet be determined. For ideal time symmetry, we want CD
to fall with approximately the same slope as AB. It is also acceptable
if the CD leg falls slightly more slowly than AB did. The trade would
be
invalidated if it rises
to 1.9613 before entering.
The pattern suggests buying the GBP/NZD if it drops to 1.9286 (Point D).
Point D is located at the convergence of the following points:
38.2% Fibonacci retracement of XA.
127.2% Fibonacci extension of BC.
ABCD pattern.
To recap, the pattern suggests buying the GBP/NZD at 1.9286 with our
stop placed at 1.9217. Our initial profit target is 1.9390 (38.2% of
CD).
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| 8hr Chart - Bullish Gartley; buy at 1.9286. |
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