The Gartley pattern offers resistance around 137.50 which leaves the focus on the downside and back towards the pattern's neckline. This also aligns with the W-formation's 38.2% and 50% ratios.
Zooming down to the hourly chart, we can see that the price is moving out of the bullish trend.
Zooming in further, we can see the price is attempting to move out of a sub-trend.
A break of the trendline support would expose 137 the figure. A break below there could open the way for a move below 136.80 and set off a waterfall sell-off for the days ahead, in accordance with the daily bearish scenario towards 135.50.
Zooming down to the hourly chart, we can see that the price is moving out of the bullish trend.
Zooming in further, we can see the price is attempting to move out of a sub-trend.
A break of the trendline support would expose 137 the figure. A break below there could open the way for a move below 136.80 and set off a waterfall sell-off for the days ahead, in accordance with the daily bearish scenario towards 135.50.
Note
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea!
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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.