Long
FULLY QUALIFIED GARTLEY AT MAJOR SUPPORT LEVEL
Updated
The chart shows a fully qualified Gartley pattern along the current major support level (trendline). It identifies the price points that constitute the PRZ potential reversal zone.
Virtually all of harmonic patterns shown on TV don't use the techniques articulated by Carney. It's necessary to qualify the AB=CDx relationship beyond the simple 5-pointed tool provided by TV.
The following chart uses the the full suite of techniques. We see a neat, fully-qualified Gartley pattern at a major support level. I've identified the PRZ lines in orange and annotated each on the sides.
Note that the operative word in PRZ is POTENTIAL.
I personally don't trust harmonics, but this one is really clean and tempting..
Virtually all of harmonic patterns shown on TV don't use the techniques articulated by Carney. It's necessary to qualify the AB=CDx relationship beyond the simple 5-pointed tool provided by TV.
The following chart uses the the full suite of techniques. We see a neat, fully-qualified Gartley pattern at a major support level. I've identified the PRZ lines in orange and annotated each on the sides.
Note that the operative word in PRZ is POTENTIAL.
I personally don't trust harmonics, but this one is really clean and tempting..
Note
It's worth noting, for learning and full qualification, that the "X" position was the point at which the previous wave terminated (and new wave began). It's also the recent support level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.