Hi guys we have a short opportunity here as there are two potential bear patterns in line. A bearish Butterfly
that was already completed at the 127.20%. And take note that the butterfly
could still extend to the 161.80% by which it is inside our Bat PRZ. Our Bat is not yet completed as of the moments. There are multiple ways how to trade this. I could enter short aggressively or wait for further confirmation such a BO of the lower trendline
(which is already in the chart). Stops would be just above the Bat's X point.
Take note also of a soon to complete bullish Cypher
pattern as price is right now on its ideal fib ratio of its C point. Price Breaking and closing above the 141.40% (yellow zone) will invalidate the pattern hence giving us a lower chances that the market could go and hit our TP 1 by which where the pattern would also complete and maybe another opportunity to LONG depending on future market/price action.
Target 1: 0.8586 - Possible Potential Bullish Cypher
Target 2: 0.8462
Enjoy and trade with care.