A potential unified gartley is setting up. prex(12) swing identification algorythm. Neither oscillator nor price-only algorithms can see it. Oscillator wave confirmation algorithms are frequently used by Ellioticians, price-only swing identification algorithms are commonly used by classic chart pattern traders and prex algorithm is a universal algorithm used by the majority of traders.
As a general rule a pattern with these ratios (B-point is 0.584XA and C-point is 0.562AB) has a hiher probability to break the X-point than to reverse at 0.786XA or 0.886XA. Besides, we have a nice downtrend move on Daily. But on the other hand the pattern is not obvious. Not all algorithms can see it. This adds some weight to reversal option.
I'd personally stay on the bearish side on this situation or skip it to find a clearer picture:)
Disclaimer: this idea demonstrates my approch, it is not a trade signal for you.
As a general rule a pattern with these ratios (B-point is 0.584XA and C-point is 0.562AB) has a hiher probability to break the X-point than to reverse at 0.786XA or 0.886XA. Besides, we have a nice downtrend move on Daily. But on the other hand the pattern is not obvious. Not all algorithms can see it. This adds some weight to reversal option.
I'd personally stay on the bearish side on this situation or skip it to find a clearer picture:)
Disclaimer: this idea demonstrates my approch, it is not a trade signal for you.
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Now the pattern completed. I would open sell here.
