PRZ: 27.02 - 24.46
AB=CD @ 27.02
Inverse 0.5 BC projection @ ~24.46 (debatable whether it is a 0.5 or 0.618)
Due to the ongoing oversupply this will obviously be a short-term trade. I'll be looking for favorable price action within the PRZ before opening a position.
A beautiful butterfly pattern (perfect 0.786) is about to complete. The 1.272 XA extension is on a level a trendline from April 29.
Looking for an entry around ~1.5434 and 2 TPs at the 0.236 and 0.382 Fib retracement.
An 1.272 CD leg lines up with the XD retracement.
Pattern completion at ~2.11909.
NOTE: FED interest decision is due in ~26 hours as of posting this. Traders and investors should take this into consideration before trading this pattern.
The 2.618 B to D extension lines up with the X to D retracement; making this an almost perfect bat pattern. However, at this moment there is no way to discern how this set up will play out.
