Looks like a Gartley could be completing. Not a perfect Gartley as B point is just shy of the 61.8 retracement of XA but close enough for me. Price is moving sideways at the moment as there is some structure looking left. If price overcomes this area and heads into the PRZ then we have the possibility of entering short at 1.12955 and looking to take profit at 1.12369 for target 1 and 1.12000 for target 2 which is a nice round number :) however if price were to shoot past the PRZ and find resistance at the 88.6 XA then we could have a valid bearish bat pattern.
Trade active:
Okay price has blown through the PRZ and did find resistance at the 88.6 level which now makes this a valid Bearish Bat pattern. I have recalculated the targets by drawing a fibonacci retracement from the C-D leg (D being @ the 88.6 level) Target 1 the 38.2 retracement and target 2 the 61.8 retracement. Target 1 has been hit and my stop has been moved to break even. lets see if target 2 will be hit too. :)
Trade closed: target reached:
Target 1 and target 2 was hit making this a great trade. Well done to any of you who took this trade :)