A bull trend continuation with a butterfly and cypher setup
The pair bounced off of the last line of defence of the PRZ of the bearish crab @ 2.1418 (3.618% extension) and is heading back to 2.07207 to find support at the 50% correction of 2008. It is possible that this pair will consolidate for a bit between these two levels after several months of trending up.
For now, I have several reasons to long this pair:
- a butterfly pattern completion at 2.0710
- a cypher pattern completion at 2.0748
- a retest of the 50% retracement at 2.0720
- a midline of the longer term uptrend.
Since this is a big pattern, my stoploss would have to go below 2.04885 at the minimum.
So I will be looking for a smaller bullish pattern at the defined PRZ.
For now, I have several reasons to long this pair:
- a butterfly pattern completion at 2.0710
- a cypher pattern completion at 2.0748
- a retest of the 50% retracement at 2.0720
- a midline of the longer term uptrend.
Since this is a big pattern, my stoploss would have to go below 2.04885 at the minimum.
So I will be looking for a smaller bullish pattern at the defined PRZ.
