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Butterlfy

(Weekly) 1dbl bottom 2shoulders 1head 2necks & 1butterflyTVC:SX5E The amazing price action... -Reversal double bottom; -Major bearish trendline broken, the double bottom "neck" broken, validating the double bottom; -Found resistance at Bearish Butterfly territory; -Two targets for the Butterfly, the second @2933$ (618% retracement) will forge the 2618 bullish setup with initial and default targets around 3600$, the 127% extension, eventual ab=cd as 2nd target, a 3th and 4th targets above the 161% extension and 224% extension... -Ascending structure (at yellow) also with a possibility to "support" the price inside it, forging an eventual 3drives pattern in case of a failed Butterfly... directly testing the highs. -Bearish RSI and MACD Divergence, but looking left/back on previous price action history on similar divergences, the price just forged small degree corrective structures, resuming major trend later... That said... Safe Trades;
TVC:SX5EShort
by Andre_Cardoso
The Butterfly Pattern - Rules of EngagementThe Butterfly Pattern Created by Bryce Gilmore, the perfect Butterfly pattern - here are the rules of engagement for this pattern: Rule 1: The Butterfly Pattern begins with a market move/impulse leg that establishes our X and A points. Once X and A points have been identified, we then look at rule 2... Rule 2: The Market forms B completion point by fulfilling at Least 78.6% retracement of the XA leg. AB move remains valid as long there is at least a 78.6% retracement of XA and does NOT close above the 88.6% Rule 3: If rule 1 and 2 has been met, then the market forms the C completion point by fulfilling at least a 38.2% retracement of the AB leg. Point C remains valid as long as there is at least a 38.2% retracement of AB and there is not a candle close at or beyond the 88.6% retracement of AB. Rule 4: If rule 1,2 and 3 have been met, then the market forms the D completion (this will be the entry point) by fulfilling a 127.2% extension of XA. In a valid CD move, the 127% retracement of XA shows ratio confluence with the 161.8% of AB. The D completion point must extend past X Trade Rules/Trade Management: Entry at D, stop loss 141.3% extension of XA and target 61.8% retracement of AD GREAT RISK REWARD RATIO
Long
by BambooGrowth