BTC (Prj.Y19.P5.E5).Short.Opportunity.GARTLEY Formation
Updated
As per chart, Gartley formation where XB=0.618, AC=0.382, XD=0.786
Leaving the question, is BD=1.27 or 1.618
Note: Fib levels (Macro level, in colour) as the bounce target.
Also don't assume price moment scaling is included in this chart. Assume the levels are correct but not time (side movements scale).
A lot of confluence that this is likely to play out.
Red box being the main target and confluence as previous support level.
Overshoot, it can hit the Green fib. line of 8400 as 2nd target.
Macro level for fib. level lines
Leaving the question, is BD=1.27 or 1.618
Note: Fib levels (Macro level, in colour) as the bounce target.
Also don't assume price moment scaling is included in this chart. Assume the levels are correct but not time (side movements scale).
A lot of confluence that this is likely to play out.
Red box being the main target and confluence as previous support level.
Overshoot, it can hit the Green fib. line of 8400 as 2nd target.
Macro level for fib. level lines
Note
Just keeping track...in the support zone but should not holdNote
The pivot area is confirmed. Question is, as I stated BD=1.27 or 1.68.The RSI indicates that the bottom bounce could be 1.27 as its near the RSI blue line Note, my chart shows BD=1.68. The difficult one is, do you go with the RSI or the BD length?
Note
Looking closer, you can see its touch and bounced to 2 key fib. levels. I had my price at the BD=1.68 , so I missed it. Looking at the RSI, at this point, there is a bullish div., time to go inNote
As one can see, the RSI is a good indicator as to when to go in as well as when not too. I tend to look for little signs like bullish or bearish divergences in the 1 hrlyAs you can note on the chart, the fib. level's play an important part and indicator.
I expect 2 targets on the way up for this short. Beyond these two, I will make no forecast because one needs to see the shape\formation, potentially candle sticks and momentum indicators
Note
DetailsNote
The 2 scenario's are still live. It can drop here to hit the 1.68 Gartley D point. I still have buys waiting here, as well.Note
I have adjusted my new target and fib.circle band. If we go sideways for an extended time, we will approach the next pivot point and likely to go down again.Keeping my stop limit time, just below my entry point, which I did well on. Gut feel says the price looks weak and we will likely to go down more.
Note
Target 1 or about reached for me. Target 2 in red is unlikely but who knows.Trade closed: target reached
Looking at the 1 hrly, as you can see, on the fib. fan we hit a main resistance (run out of time) and unlikely to go higher. RSI also complies. As for the next stage, I see a ranging price in this same area until it weakens and squeezes around the 8080 range before the next stop (for now)Note
Just for the record, another good call
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