• Weekly and Daily: The market action in the past couple of week’s may be the start of the second leg to a bearish Gartley. Looking at the weekly, a swing projection from the first leg goes to 1.07.
• The stochastic in weekly is turning back up after retreating from almost overbought levels. If the projection materializes, the stochastic will probably reach overbought levels.
• At 1.07 then, the market would be overbought, and at a completion of a Gartley. This would also be coincident with a 50-Week MA, as well as the long-term downsloping trendline. This is also between 61.8% and 78.6% retracement.
• There can bearish forces here expected here 1.07/08.
• Daily: The daily chart shows a possible short-term decline towards 1.03 first. This is 50-61.8% retracement. We see here that the large swing projection and the fractal swing projection goes to around the 1.07 level.
• The stochastic is overbought but turning bearish, so there may still be some more correction decline this week. Look for bottoming action around 1.03 if this decline materializes. This is also an upsloping trendline and the 50-day MA.

Fan Yang
Currency Analyst
Commodity Trading Advisor

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