A completed Gartley pattern for Wax coin. What's next?
With the help of Tommy Tourettes (way) I was able to find the Gartley pattern on the 4-hour chart of a token I’ve been invested in myself for a few months, Worldwide Asset Exchange (WAX).
To begin, let’s look at how I found the Gartley Pattern.
Now that the pattern is complete I've labeled targets. To do this, I have personally learned to determine these targets by drawing a trend based Fibonacci from D to C, then back to D. 2 targets using the method would be between .618 and 1.272 of the C to D extension as indicated on my chart.
Another target could be highlighted by using the arrow tool to create a line from X to A then bring that line to point D. This common target for this specific chart would have price action reach beyond 6300 SATS. Marked in yellow target 3 would make a profit of over 160%.
As a final note, many traders and analysts interpret pattern rules differently. For instance, some trading tip sites suggest that in a “Gartley bullish pattern, the target zones are computed using XA leg from the trade action point (D)”.
Mathematically that can represented as:
Target Zone1: (D + XA*0.62) to (D+XA*.786)
And
Target Zone2: (D + XA*1.27) to (D+XA*1.62)
These targets are illustrated on the left of my chart, indicated by the dashed red lines.
To begin, let’s look at how I found the Gartley Pattern.
Now that the pattern is complete I've labeled targets. To do this, I have personally learned to determine these targets by drawing a trend based Fibonacci from D to C, then back to D. 2 targets using the method would be between .618 and 1.272 of the C to D extension as indicated on my chart.
Another target could be highlighted by using the arrow tool to create a line from X to A then bring that line to point D. This common target for this specific chart would have price action reach beyond 6300 SATS. Marked in yellow target 3 would make a profit of over 160%.
As a final note, many traders and analysts interpret pattern rules differently. For instance, some trading tip sites suggest that in a “Gartley bullish pattern, the target zones are computed using XA leg from the trade action point (D)”.
Mathematically that can represented as:
Target Zone1: (D + XA*0.62) to (D+XA*.786)
And
Target Zone2: (D + XA*1.27) to (D+XA*1.62)
These targets are illustrated on the left of my chart, indicated by the dashed red lines.
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