GBPUSD Butterfly Possible on daily , Watch out for it !!
Updated
Hello guys ,
many of you know the rules of buttery fly pattern but i will mention it below ;
Leg B= 0.786 Retracement Of XA
Leg C= 0.382; 0.886 Retracement of AB
Leg D= 1.272, 1.618 Extension of XA
This is daily time-chart
Now i believe that Leg C will reach the 0.786 or 0.886 because we are in wave 4 in a Downtrend which is a corrective way ,and to be more specific the price now is going to form Leg C which is the last leg of a corrective way .
When leg C is completed we are going to have the last massive downtrend until the pattern is completed at 1.618 extension.
One more Conformation about the end of the big trend , if you check the whole trend to the down side you will see that the extension 1.618 of the first big wave , Wave 1 , will matches the D point of this pattern which also 1.618 extension of XA leg
Please be careful this is not a trading advice , Check your strategy , your entry setup and make your own analysis before you enter !
Good luck traders ,
If you think that i am right please support me with like bottom , otherwise comment below with your opinion :)
many of you know the rules of buttery fly pattern but i will mention it below ;
Leg B= 0.786 Retracement Of XA
Leg C= 0.382; 0.886 Retracement of AB
Leg D= 1.272, 1.618 Extension of XA
This is daily time-chart
Now i believe that Leg C will reach the 0.786 or 0.886 because we are in wave 4 in a Downtrend which is a corrective way ,and to be more specific the price now is going to form Leg C which is the last leg of a corrective way .
When leg C is completed we are going to have the last massive downtrend until the pattern is completed at 1.618 extension.
One more Conformation about the end of the big trend , if you check the whole trend to the down side you will see that the extension 1.618 of the first big wave , Wave 1 , will matches the D point of this pattern which also 1.618 extension of XA leg
Please be careful this is not a trading advice , Check your strategy , your entry setup and make your own analysis before you enter !
Good luck traders ,
If you think that i am right please support me with like bottom , otherwise comment below with your opinion :)
Note
This is the bigger Picture for more information :)
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