Loading ...Scary Gartley pattern Gold
I don’t know much about Gartley patterns but I ran one from the start of Gold’s bull market to now.
I WAS VERY SURPRISED BY THE RESULT!
X to A Line: 2000 low to 2011 high
A to B Line: 2011 high to 2015 low
B to C Line: 2015 low to 2016 high
HERE IS THE SURPRISE PART
C to D Line: (projected) decline to $600 to $800 in 2021 YIKES!!
Any Gartley experts here that want to comment it would be much appreciated!
above my pay grade 😉
Murkowski discusses this. It is very interesting. You have done your homework.
Make that Bulkowski.
I looked into this pattern on Bulkowski’s page and it looks to be on schedule except that I thought B to C on your chart seemed a little short of what should be expected. Any idea on that? Could you enlighten me?
Thanks for posting ,by the way.
great scary chart
I think I found the answer on:
https://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2012/12/10/Learn_Forex_The_87_Year_Old_Chart_Pattern_That_Traders_Still_Love.html
He describes B to C needing to be at least .382 rather than Bulkowski’s requirement of .618, so you might be looking good here.
I read the link he says Gartley patterns can work over any timeframe. However he says Point B should retrace 0.618 from the XA move. On this chart the B entrancement is only around 50%! The chart was automatically drawn in Motivewave software the program will only draw a Gartley if the conditions are met for the pattern. Why it drew this one I do not know, as the 0.618 retracement from A to C was not meet.
I read that to be .618 of the difference between x and a which seems to about right at 1050.
He says “Point B should retrace 0.618 from the XA move.” I take that to be 0.618 of the whole XA move he does not mention difference.
Even if it were the difference in the XA move the numbers don’t exactly work out but are close.
Gold low X to high A +1,670 difference (0.618) 1,032
Gold high 1,923 A to low C -878 off by 154.
My second referenced site calls for B to C to be at least .318 which looks to work.so where do we go from here, to D??
I can’t figure how you get to D. X through C seem to be right and assuming we have a D at some point, how do you get there?