Showing posts with label Bearish Gartley. Show all posts
Showing posts with label Bearish Gartley. Show all posts

Monday, October 4, 2010

Dow is a textbook bearish Gartley

Very creepy how mechanical the Dow futures is being with regards to this bearish Gartley pattern which appears to have completed at point D.  The AB leg is almost symmetric to the CD leg in both price (1168 points versus 924 points) AND time (28 days rally to peak at B opposed to 25 day rally to peak at D).

Compare the above chart to where the actual peak is at D to the rough estimate I did weeks ago where I simply projected forwards in price and time via symmetry with the white solid chalk lines:
Looking for 10840 on Dow Futures by End of September 2010

Wednesday, September 15, 2010

Changed my Mind on EUR/USD Long Term Bullish but Can Short Here for Scalp

Longer term, Euro looks much higher, these fractal waves (in white) within the bigger 5-3 Elliot Wave pattern (yellow i,ii,iii,iv,v,a,b,c) give confirmation that the yellow a and b are accurate.  That implies the yellow c wave should at least rally past a.  Even if we only test yellow a that is about 296 pips from current price of 1.3007

Right now however is a bad place to go long since there is a big resistance zone being near a triple 0 (1.3000) and the 61.8 retracement of yellow ac (1.3048).  Also there is a Bearish Gartley developing here on the 4 hour chart so in fact is a short term short signal:
I would be more inclined to buy pullbacks and not trust the short side too much.

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