EUR/GBP - Possible bearish butterfly | 4H chart
Although the title only says 'bearish butterfly', there are a number of things I wanted to show you guys here (hence the cluttered chart, I'm sorry about that).
I'm not going to go into great detail because we have yet to find out which "indications" are going to prove useful.
Lets take a look:
- Structure: A lot of strong support and resistance levels. I've drawn in 3, but there are a couple more that play a key role.
- :Repetition: The market is repeating itself quite precisely (notice the two = symbols at the equal length legs)
- A sudden higher low at the end of the steps.
- An almost oversold RSI
And last but not least the bearish butterfly that might be forming.
We'll see which "indications" turn out to be true and which turn out to be false in the coming week.
I'll keep you posted!
I'm not going to go into great detail because we have yet to find out which "indications" are going to prove useful.
Lets take a look:
- Structure: A lot of strong support and resistance levels. I've drawn in 3, but there are a couple more that play a key role.
- :Repetition: The market is repeating itself quite precisely (notice the two = symbols at the equal length legs)
- A sudden higher low at the end of the steps.
- An almost oversold RSI
And last but not least the bearish butterfly that might be forming.
We'll see which "indications" turn out to be true and which turn out to be false in the coming week.
I'll keep you posted!
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