After a very sharp impulsive wave to the downside we see price in a corrective wave. In this wave we see two bearish harmonic patterns (butterfly & gartley) with their D points very close to each other. I believe that if price reaches that zone it will start moving to the downside with a target at 1.27 of the big impulsive leg.
I have got a pretty different idea. Please have a look at this chart.
UnknownUnicorn99356
⋅
Can you please name your orange pattern?
Dinkan
⋅
In fact, it is Gatley. But, I use fibo extension (127) to decide the point D. However, it is pretty close to 78.6% of XA. Another way to filter spikes.
UnknownUnicorn99356
⋅
You better indetify D point using the retracement tool.. Point D should be at 0.786 of XA.. Your D point is higher than point X which makes this gartley invalid. No offense, just my opinion. I wish you good luck..! :)
Dinkan
⋅
CD can also be an extension of 127.2 to 161.8 of AB. Thank you for sharing your idea
UnknownUnicorn99356
⋅
What ever your plan is try to be bearish on this market at the moment.. Have a look of at weekly timeframe..