We found a couple Gartley patterns today, here's one of them (PIVX)
PIVX steadily breaking free from a Gartley pattern, after coming close the long-term rounded bottom also visible (log scale chart). Without being on log scale, price is well below the rounded bottom. -
-Myself on twitter
Since that tweet, I added another target, which is an X->A replication from point D, conveniently lining up pretty well with the 1.27 extension of X -> A.
Also, the 1.618 extension of the A->D move(another common Gartley pattern target) lines up perfectly with the red horizontal red line, which is the long term .236 retracement level (although I didn't choose the top of the long-term retracement as the actual top... I put it where I thought the top would have been without being overbought at all, as I commonly do).
Here's the live chart to follow the outcome.
Update(5/28): I posted another chart(pictured below) cleaning up some old useless lines and added more proper targets after I gained a better understanding of the Gartley pattern.
-Tom
Agree!
Time for a reversal. Will be for a major correction.. or for the starting of a new bull price structure!
It's gonna be both a major correction(to the upside) and the start of a new bull price structure, I'm pretty confident. I've literally been watching this one and waiting on it for over a year, much like PINK. Both have been volatile overall(like every crypto), but a lot of the time, when the market is tanking, they both tend to hold their BTC value pretty well. That always seems to be a pretty good sign. If the Gartley pattern was reversed, I'd be pretty discouraged though.
Of course there's always a chance BTC doesn't hold crucial support and almost everything tanks with it, or Bittrex and Binance all of the sudden decide to follow Japan and remove privacy coins...
Trade with caution, everyone. Consider all possibilties...
Ya, thanks for the post
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