Consolidation..
This pair got stuck in a triangle after a big push up. The broken midline of the longer term uptrend channel still acts as support. Counting with the Elliot triangle wave a C point has been established.
Bearish Gartley pattern
Measuring the moves from point B, we can also see that this pair is confirming a Gartley pattern. The completion point of this pattern aligns with the projected D point of the Elliot triangle wave count.
Trade setup
short: 2.0476
stoploss: 2.0531
target 1: 2.0405 ( risk/reward 1:1.32 )
target 2: 2.0360 ( risk/reward 1:2.13 )
This pair got stuck in a triangle after a big push up. The broken midline of the longer term uptrend channel still acts as support. Counting with the Elliot triangle wave a C point has been established.
Bearish Gartley pattern
Measuring the moves from point B, we can also see that this pair is confirming a Gartley pattern. The completion point of this pattern aligns with the projected D point of the Elliot triangle wave count.
Trade setup
short: 2.0476
stoploss: 2.0531
target 1: 2.0405 ( risk/reward 1:1.32 )
target 2: 2.0360 ( risk/reward 1:2.13 )