Additional observations on the AUDJPY Daily for Harmonic Traders: Price is currently at a possible Resistance-Supply Zone. Potentially there are two Harmonic Patterns in play, a Bearish Gartley and a Bearish Butterfly, the Bearish Butterfly has the better fit-confluence of fib ratios.
Just looking at the time it has taken for these formations to setup. Potential Bearish Gartley ~ 11 months. Potential Bearish Butterfly ~ 4months. Will they play out ? ONLY TIME WILL TELL.
James Rolain is watching the Bearish Gartley, and has also found confluence with a weekly trendline.
Ian Colman is watching the Bearish Butterfly
Nice find Keith, Im not very experienced trading butterflys so I missed the pattern all together. I have drawn it up on my own chart now and I 100% agree its a textbook butterfly. It adds another nice level of confluence to my chart setup. I also like how you have used market structure (the first circle) to show that a rapid drop was seen in that area previously, a factor that neither me or Ian listed.
Good one ..happy hunting and prosperity
There is almost a similar pattern on AUD/USD H8 chart. I think so..
Yes sun - they are extremely similar
AUDJPY, Further observations: there is also a Gartley type confluence on the weekly chart and for those mad about Fibonacci, there is further conflunece when we look at the Fibonacci Fan. Point D of the pattern falls at the 88.6 fan level. Currently the weekly candle in print resembles a spinning top or doji type pattern, indecision or possible trend change ? TIME WILL TELL ...
@_@ its beautiful Keith . . .
Purely in the shorter term in would need a fall under 85 45 to start me looking at more short term sells. For more rises i think over 85.75- so being a Monday and US holiday - it might no be going too far in next 3 hours. I really hope I am wrong and during the next few hours we get some movements. Have a good week