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Now as oil has reached resistance and come to consolidation I can see a butterfly pattern forming and thus lead to break and retest of trendline and continuation to downside.
will be watching price action and other confluences before i enter long or short.
if this plays it to the cypher pattern as expected which is likely according to trendlines. i'd expect to reach TP 1 or 2 which is a re-tracement of the broken trend line. then after TP is reached expect a big drop off to weekly support where the price has been riding so high.
been at an all time low, been trending bullish. I believe there will be a retest of weekly support & the daily trend line. which should co ordinate with my bat pattern. once D leg is achieved look to go long for TP1,2 & 3
if it follows cypher pattern as shown we can look to enter the trade at D if there are confluences. Down to TP1 and TP2
retracement onto daily trendline which was broken same level as (1) fibonacci level, then continuation bullish to 1.618 fibonacci level
im expecting a retracement onto the daily trendline it broke through and the (1) fibonacci level then to continue bullish to 1.618 fibonacci level
161.8 Fibonacci corresponds with daily trend line