As the title suggests, the formation of a bullish butterfly pattern seems to be very likely. This is especially true as it complies with the bearish overall pattern (marked by the orange lines) as well as strong S&R levels at points C and D. Obviously, we have two moves here: a conservative approach and an aggressive approach.
The aggressive approach involves riding the wave up to point C then selling accordingly.
Entry: 86.113
TP: 87.463
SL: 85.598
The conservative approach only involves selling when the price hits its peak at C.
Entry: 87.424
TP: 84.32
SL: 87.716
As always, this is merely the result of my own personal analysis and this idea may be completely wrong so be cautious when trading.
The aggressive approach involves riding the wave up to point C then selling accordingly.
Entry: 86.113
TP: 87.463
SL: 85.598
The conservative approach only involves selling when the price hits its peak at C.
Entry: 87.424
TP: 84.32
SL: 87.716
As always, this is merely the result of my own personal analysis and this idea may be completely wrong so be cautious when trading.
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