GBP/AUD: Triangle breakout imminent! >> Gartley or Butterfly??
We should be seeing a breakout out of the symmetrical triangle soon!
If we break up then we could be on our way to completion of a possible bearish butterfly pattern.
If we break down then we could be on our way to completion of a possible bullish Gartley pattern.
Don't forget that we are in an "up" channel on a higher timeframe with a last reference touch of the upper channel boundary on August 24. We could have seen the highest high at that point for now and could be on our way to the lower boundary of the up channel so I'm currently favouring the downside (personal opinion).
Trades based on this analysis will follow.
If we break up then we could be on our way to completion of a possible bearish butterfly pattern.
If we break down then we could be on our way to completion of a possible bullish Gartley pattern.
Don't forget that we are in an "up" channel on a higher timeframe with a last reference touch of the upper channel boundary on August 24. We could have seen the highest high at that point for now and could be on our way to the lower boundary of the up channel so I'm currently favouring the downside (personal opinion).
Trades based on this analysis will follow.
