AUD/NZD: Gartley 886 And Cypher
Interesting situation on the 1h chart for AUD/NZD, we’ve got a valid bearish gartley 886 and bearish cypher forming within a close proximity.
Gartley patterns at an 88.6% retracement of XA are unique, this is utilised when the AB=CD completion extends past the 78.6% retracement which is the standard measurement.
If we execute the trade based on the gartley, allow more room for the stop loss than usual. Between 1.0 and 1.13 of XA (beyond X).
The cypher pattern uses a stop loss beyond X.
Pay attention to both formations, it is likely price will push towards 1.08300 before we see a reversal take place.