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Bearish Gartley

Elliot Tripple Thrust pattern, AKA Gartley patternOn February 20th I shorted the exact top of the market... Call it luck if you like, but I nailed it.. At that time there were extremely few Bears it was like in 2000 when most people were afraid to short for fear of "Infinite Losses", and Wall Street Analysts were saying, "We have entered a new paradigm where stock market corrections are no longer necessary". It was a $3000 trade in a $7000 portfolio. I have described the down move as a Wave 1 down, impulsive, and complex, with a tiny wave 2 and a wave 3 down... In fact you have to go to a 4 hour chart to see wave 2. Then we got the wave 4 i have posted a lot about... It is very easy to see the 5 waves up in the the wave 4. A wave 4 is the hardest wave to read, because it is complex and corrective... All the Perma Bulls bought and we rode the heck out of that wave up... It very nearly broke wave 1 down but stopped at exactly a 62 % correction.. So my forth wave count is intact... I spoke to another Elliotition who sees this whole pattern as an A-B-C pattern.. That's fine, Elliot Wave readers don't always see eye to eye, but the B wave is so complex and corrective and fits the five waves down idea. Now that the Wave 4 is over we have gone from me being in the extreme minority to a Putt/Call ratio of 60 % are buying puts.. This actually makes me a little nervous because I am a contrarian by Nature assuming most are wrong most of the time... I intend to change my attitude after this correction.. To let go of my attachment to shorting... because let's face it the market goes up most of the time... Where will this down move end? Today I am looking at various levels between 2200 to 2400, but the markets can do whatever they want anytime they want... We could bounce somewhere down there or we could go into a Recession. I will post updates as time goes by. The Tripple Thrust i predicted back on February 20th appears to be unfolding... What is a tripple thrust? its five sets of five waves up followed by a lower high, followed by lower lows. The last big 4th wave was the year 2018. The last set of five waves up after that ended on February... If you look at a chart from 2010 to 2020 and count carefully you can find five sets of five waves up.... If you look at a Monthly chart from 1990 to February you can see five waves up in a different timeframe... Elliot waves are fractal, waves inside of waves all the way down to 1 minute... However the longer the time frame the more reliable the pattern. It is almost impossible to question that from 1990 to now matches all the Elliot Rules, but watching a 1" chart intraday the patterns can unfold in so many ways I don't pay any attention to EWaves intraday at such small timeframes. Many people think Elliot Wave counting is a broken, or at least highly suspect Trading tool... In fact Elliot Waves are not a trading tool at all. They were created to explain that markets move in mathematically perfect patterns. Most corrections are 50 % or 62 %, but sometimes you will see a 38% correction or a 21 % correction and so forth... Elliot predicted a Mega Bull market cycle that would get us to where we are today and he was right. If you want to learn to count waves read Prectners book. www.amazon.com If you want a tool to count the waves for you and give you trade setups talk to my old buddy, slash Nemesis Steve over in England who sells the MTPredictor... He sells it here at TradingView under the indicators, and you can try it for 30 days for free or could at one time. Why do i say nemesis? Well Steve can be a little cranky at times.. I say this fully tongue in cheek.
CME_MINI:ES1!Short
by dryanhawley
3
Let's Try Selling Dow Jones AgainDow Jones fell yesterday upon the completion of a bearish Gartley It stopped falling after one solid bearish wave and turned indecisive As the price moved up and down, a bearish Cypher was already about to be completed. This could give traders a good reason why they should give the bear another chance to perform. The turning point upon the completion of the bearish Cypher will also be boosted by a falling trendline that's connected by the 2 previous high.
FX:US30Short
by AlgoVenture
3
BANKNIFTY - expecting a Reversal in upcoming session(s)Expecting BNF to reverse around the RED line, due to completion of a Bearish gartley and nearing the monthly trendline, which coincides with an 0.886 of XA. Can be entered around 20900 Spot, with an SL above 21250 (about 30 points above X) and TGT1 at 20300, TGT 2 at 20000 Disclaimer: These are just my views - kindly do NOT trade blindly with these levels, please do your own research before entering/ or as per advice from your own financial adviser. Note: All the values given are in Banknifty spot price chart I had previously published about banknifty few hours back, but doesn't seem to be published. Therefore re-uploading the same view slightly edited.
NSE:BANKNIFTYShort
by theTradingSailor
5
GARTLEY NEAR RESISTANCE LEVELHello traders! We have a Bearish Gartley developing near a resistance level that presents a possible short for a pullback. This is an idea not a signal as price action should be monitored for signs of reversal. The B point is at a precise .620 which is well in range of the required .618 for this pattern. Our D point completion will be at the resistance which correlates with the right shoulder of this area. We will see how price reacts to this D point if this pattern completes for a possible short opportunity. Traders should not predict the market but react from it. Trade smart, don't gamble!
Short
by PipTips
3