Bearish Gartley
XAUUSD Bearish GartleyIn conjunction with my previous analysis of FOREXCOM:XAUUSD (link below in "Related Ideas"), a bearish Gartley is forming and approaching completion on the 1hr chart which may support my short term bearish bias on this commodity.
Used in conjunction with my previous H&S analysis this setup may provide a decent entry for the anticipated continued bearish move to about 1290 potentially.
Bearish Gartley 4HREUR recent spike up has failed to break and close above the previous high level at 1.20700. in doing so has put in a Valid Bearish Gartley Pattern. it has surpassed the traditional D leg completion level (was holding a long position hence why I did not take the trade at that level)
I am treating this as a reversal trade due to the euro testing a higher time frame structure level and failing to break and close above the 1.20700 level.
Taking 2 Traditional targets
Target 1 1.19786
Target 2 1.19262