GBP/JPY Bearish Max Butterfly & Potential Bearish Gartley
GBP/JPY Bearish Max Butterfly & Potential Bearish Gartley
Pattern Formation
Current resistance level is Point B of the bearish Max Butterfly pattern
at 148.459.
Just above is also the trend line intersection point formed by the
medium term support trendline and the main resistance trend line; if price manages to
close above 149.419, then price could advance higher and
potentially complete the projected Gartley pattern.
Significant levels of the potential Gartley pattern
formation are: 152.168 (61.8%), 149.426 (38.2% & lower
trend line intersection level), and to complete the pattern
the 154.121 level (78.6% & broken lower trend line
intersection level).
The measured target objective from 154.121 - which is leg
X to A - comes right down to the open GAP below as
illustrated.
As usual I don't set entry, take profit and stop level's on
weekly charts but this should provide you with a concept
of where price is headed in the medium and long term.
Happy trading
Pattern Formation
Current resistance level is Point B of the bearish Max Butterfly pattern
at 148.459.
Just above is also the trend line intersection point formed by the
medium term support trendline and the main resistance trend line; if price manages to
close above 149.419, then price could advance higher and
potentially complete the projected Gartley pattern.
Significant levels of the potential Gartley pattern
formation are: 152.168 (61.8%), 149.426 (38.2% & lower
trend line intersection level), and to complete the pattern
the 154.121 level (78.6% & broken lower trend line
intersection level).
The measured target objective from 154.121 - which is leg
X to A - comes right down to the open GAP below as
illustrated.
As usual I don't set entry, take profit and stop level's on
weekly charts but this should provide you with a concept
of where price is headed in the medium and long term.
Happy trading