This is obviously not a Gartley. It fits neither advanced nor harmonic pattern ratios.
From the link you have provided:
1) "AB - Price retraces from valley A to peak B for about 61.8%". This is the standard gartley differentiation point in the industry. On your chart it is 81.9%. This is far from being "about 61.8%"
Read further on the same page: "Since finding an AB retrace of exactly 61.8% would make the pattern too rare, I used a range of 61% to 62.6% (that is, plus or minus 0.8 around the 61.8% value)."
2) "BC - After peaking at B, price drops to C. The BC move retraces 61.8% or 78.6% of the AB rise. For testing, I chose to interpret this as a range of acceptable values." On your chart the C is 52.9%. It is too shallow to enter the range 61.8-78.6.
By the way, the so called "Charles Bulkovsky Gartley" coinsides absolutely with Scott Carney's Harmonic Perfect Gartley Pattern described in his book "Harmonic Trading, Vol. 1", 2004
One remarkable thing. The guys from both of the educational resources you have provided call the harmonic Gartley a "Gartley 222" but then they confess that they never actually read the Harold Gartley's book "Profits in the stock market". I assure you that the original pattern described by Harold Gartley is way too different form all most commonly use gartley pattern criteria. The ratio for B is said to be "from 1/3 to 1/2". Other ratios aren't specified but the great emphasis is laid on volume encrease/decrease. Original Gartelet that is found on page 222 is a REVERSAL pattern. A bearish one appears ONLY at the top of an uptrend. H.Gartley stresses that the idea of this pattern is a double top or head and shoulders reversal.
If you wish more education on this topic then contact me in Private Messages I will drop you a link to my free educational resource. Cheers.
zippy1day
⋅
@Alexander_Nikitin, Thanks for in depth analysis on this potential "Bearish Gartley" (as is always when trading) now put money on previous Cup and Handle which may ruin a few peeps hopes for a crash! You are obviously a TA specialist in harmonics which I cannot disagree with lol
It's given no indication, other than people trying to apply ad hoc patterns, that it will not continue upward. Unless you are day trading there is no reason to sell unless it breaks below the trend set from the 2980 low. Even then, it has the potential to bounce off a resistance point and not fall much below it.
So_Cratee
⋅
My heart tells me that Target 1 should be slightly lower and that we are going to ride the 8/1 there. The first few correction waves from the ATH are pretty steep so I won't be surprised if the following wave will be much shallower.
gtomi001
⋅
We've to say start to sell?
zippy1day
⋅
@gtomi001, Follow your own heart ~ Bitcoin as you probably know loves to bust well planned TA!
From the link you have provided:
1) "AB - Price retraces from valley A to peak B for about 61.8%". This is the standard gartley differentiation point in the industry. On your chart it is 81.9%. This is far from being "about 61.8%"
Read further on the same page: "Since finding an AB retrace of exactly 61.8% would make the pattern too rare, I used a range of 61% to 62.6% (that is, plus or minus 0.8 around the 61.8% value)."
2) "BC - After peaking at B, price drops to C. The BC move retraces 61.8% or 78.6% of the AB rise. For testing, I chose to interpret this as a range of acceptable values." On your chart the C is 52.9%. It is too shallow to enter the range 61.8-78.6.
By the way, the so called "Charles Bulkovsky Gartley" coinsides absolutely with Scott Carney's Harmonic Perfect Gartley Pattern described in his book "Harmonic Trading, Vol. 1", 2004
One remarkable thing. The guys from both of the educational resources you have provided call the harmonic Gartley a "Gartley 222" but then they confess that they never actually read the Harold Gartley's book "Profits in the stock market". I assure you that the original pattern described by Harold Gartley is way too different form all most commonly use gartley pattern criteria. The ratio for B is said to be "from 1/3 to 1/2". Other ratios aren't specified but the great emphasis is laid on volume encrease/decrease. Original Gartelet that is found on page 222 is a REVERSAL pattern. A bearish one appears ONLY at the top of an uptrend. H.Gartley stresses that the idea of this pattern is a double top or head and shoulders reversal.
If you wish more education on this topic then contact me in Private Messages I will drop you a link to my free educational resource. Cheers.