The Gartley Pattern is one of the most traded harmonic patterns and can be applied to many markets and timeframes. It is a 5-point retracement structure that was originally outlined by H.M. Gartley and detailed further by Scott Carney. It has specific Fibonacci measurements for each point within its structure and it is important to note that D is not a point, but rather a zone in which price is likely to reverse, called the Potential Reversal Zone (PRZ). The B point retracement of the primary XA leg lies at 0.618 and the PRZ consists of 3 converging harmonic levels: 1) 0.786 retracement of the primary XA leg, 2) AB=CD pattern and 3) the BC projection is either 1.27 or 1.618.
The first target would be the 382 retracement of AD and the second target the 618 retracement of AD. A common stop level would be behind the X-point. Conservative traders may look for additional confirmation. Gartley Patterns can be bearish and bullish. TradingView has a smart XABCD Pattern drawing tool that allows users to visually identify 5-point reversal structures on a chart.
structure looks positive to go on long side in metals with a positional view on metal stocks , globally metals are already beaten , so a sharp up move cannot be denied !
INDIANBANK has been respecting the neckline for a year now. Currently testing it again. Awaiting a breakout/reversal. A possible Gartley in the making.
Also a cup and handle
https://www.tradingview.com/x/qLAHL514/
A Bearish Gartley Pattern is setting up in NSE:BHARTIARTL. The pattern completes at an important level on the higher time frame.Also, AB=CD pattern completes at that exact point further confirming the patterns reliability. Targets and Stop Loss are mentioned in the charts.
Trade accordingly.
Dpk.Htkar
Nifty hourly chart has formed Bearish Gartley Pattern so we can observe its behaviour and short on weakness. Interestingly the pivot is at the third touch of down sloping trend line so aggressive traders can take chance by shorting at this level.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
We have potential Bearish Gartley pattern in Banknifty.
Create short positions on confirmation of the reversal. Potential reversal area 26850 to 26980.
Stop loss slightly above 27000.
Targets - 26500, 26300 perhaps more than that.
I am posting Germany's DAX index chart for the reference where Bearish Bat pattern is executing perfectly.
VEDL in its ups and downs this year, completed the Gartley. Currently testing a sup/resistance line with a lot of dojis and hammers and stars.. If it happend to reverse, it can complete the Cypher. But it will take a few too many months.
Last Traded Price@26336
Be careful & do not hurry to trade - we have bearish gartley prz(potential reversal zone) in 26550 -26575 -If you see BN holding that zone or getting resistance book your profits in the long trade & be ready to take reverse gear.
Downside Objective
1st Target downside could be 26400
2nd Target downside could be 26150 (Only if starts ...
Gartley Pattern has formed nicely and yesterday spike bar is suggesting the forthcoming weakness also, so I am shorting the stock at current level with yesterday high as Stop loss. If it works we can easily expect 2.5 -3 times rewards to the risk being taken.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading ...
