esebastiangzz9

esebastiangzz9 Updated 

A Gartley Sell Pattern has completed exactly at level 1 (meaning the AB swing is equal to the CD swing). Extensions are still a probability but a good entry could be the retest (if this happens to happen) of this level. Remember to always use your stop loss in case the pattern fails.

esebastiangzz9

Observe how the 1.618 CD extension from the internal ABCD (white color) coincides with the 1.272 extension of the external XABCD (orange color). I personally believe that after a short correction in the 0.618 retracement level (marked in red circle), gold price will expand to the 1.272 extension, making a possible reversal point if a Gartley sell pattern takes form.

esebastiangzz9

Gold price is approaching a major resistance area (in blue) which has been tested at least three times since July of the present year. If trespassed, a possible XABCD Butterfly sell pattern could be completed and may continue to a 1.272 or 1.618 extension (CD leg) before making a major reversal. If this resistance is not trespassed, reversal or correction could...

esebastiangzz9

Support and resistance lines checked. Waiting for trend continuation or reversal. Possible XABCD Butterfly pattern uppon AB=CD completion. Projections based on the retracement of current CD leg.