Bearish Butterfly (4H)
Bears have painted a Butterfly pattern on the 4H timeframe.
Having hit the first target to take profits at 2R (1.21079) the pattern is confirmed.
The Bears will now look to push price below the pattern (1.20230), a candle close below confirms the reversal of the trend to the downside.
Bulls have painted a Butterfly on the 1H timeframe in an attempt to stem the Bears push down towards confirmation of the trend reversal.
Price currently sits just below the entry zone for this 1H Bullish Butterfly pattern.
Should the Bulls manage to confirm the pattern at 2R (1.21654) both Bulls and Bears will then need to paint a continuation pattern (Gartley/Bat) to aid their attempts to reclaim the trend direction.
Having hit the first target to take profits at 2R (1.21079) the pattern is confirmed.
The Bears will now look to push price below the pattern (1.20230), a candle close below confirms the reversal of the trend to the downside.
Bulls have painted a Butterfly on the 1H timeframe in an attempt to stem the Bears push down towards confirmation of the trend reversal.
Price currently sits just below the entry zone for this 1H Bullish Butterfly pattern.
Should the Bulls manage to confirm the pattern at 2R (1.21654) both Bulls and Bears will then need to paint a continuation pattern (Gartley/Bat) to aid their attempts to reclaim the trend direction.
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